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02/09/2009
O'Brien Calls For Major INM 'Shake Up'
Irish entrepreneur and major shareholder in the Independent News and Media group, Dennis O'Brien, has called an emergency meeting in a major shake up of the company.
The Irish businessman who holds a 25% stake in the influential media company, that owns titles including the Belfast Telegraph, the Independent and the Independent On Sunday in London, has called for an extraordinary general meeting of its other major shareholders in an attempt to save the troubled company.
Last week, Independent News & Media announced its net debt rose to just over €1.3bn in the first six months of the year. Total revenues had fallen by 22% to €608.8m, while operating profits more than halved to €73.2m.
Exceptional costs of €86.8m - mainly due a writedown of the value of its newspaper titles as a result of the economic downturn - led to a pre-tax loss of €48.5m.
The news prompted Mr O'Brien to propose to sell or close the operations of The Independent in London and the Independent on Sunday.
He is also proposing the removal of Brian Hillery from his post of chairman and ending annual payments of €300,000 to Irish ex-billionaire Tony O'Reilly who was the company's former Chief Executive Officer.
Mr O'Brien also wants a detailed account of all board member expenses since January 2000 to be prepared by a firm of independent accountants and circulated to all shareholders.
(DW/BMcC)
The Irish businessman who holds a 25% stake in the influential media company, that owns titles including the Belfast Telegraph, the Independent and the Independent On Sunday in London, has called for an extraordinary general meeting of its other major shareholders in an attempt to save the troubled company.
Last week, Independent News & Media announced its net debt rose to just over €1.3bn in the first six months of the year. Total revenues had fallen by 22% to €608.8m, while operating profits more than halved to €73.2m.
Exceptional costs of €86.8m - mainly due a writedown of the value of its newspaper titles as a result of the economic downturn - led to a pre-tax loss of €48.5m.
The news prompted Mr O'Brien to propose to sell or close the operations of The Independent in London and the Independent on Sunday.
He is also proposing the removal of Brian Hillery from his post of chairman and ending annual payments of €300,000 to Irish ex-billionaire Tony O'Reilly who was the company's former Chief Executive Officer.
Mr O'Brien also wants a detailed account of all board member expenses since January 2000 to be prepared by a firm of independent accountants and circulated to all shareholders.
(DW/BMcC)
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