Shareholder revolt ousts INM chairman
Sat, 09 Jun 2012 1:49p.m.
Disgruntled investors have ousted the chairman and a director of the Irish company that ultimately owns The New Zealand Herald newspaper.
The election of James Osborne as chairman and finance boss Donal Buggy as director of Independent News & Media Plc was defeated following a poll, the company said in a statement.
INM, which is associated with the family of Irish businessman and former international rugby player Sir Anthony O'Reilly, owns 29.5 percent of Australian-based APN News & Media, which owns New Zealand's largest daily newspaper, the New Zealand Herald, and radio assets.
APN has appointed Deutsche Bank to advise on its New Zealand assets after receiving approaches from potential buyers.
There was no mention of New Zealand assets in a prepared statement for the INM annual meeting in Dublin.
The statement said digital assets were a key focus of the group.
The rebellion at INM's annual meeting was led by Telecoms billionaire Denis O'Brien, who is INM's largest shareholder with a 29.9 percent stake, The Guardian reported.
The Irish Times reported that the INM board held an emergency meeting after the annual meeting but no decision was taken on who should be chairman.
Chief executive Vincent Crowley said the issue of a new chairman would be addressed at the board meeting next week.
The board has just five members, down from 11 in April.
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