Independent News & Media PLC UPDATE ON ODCE'S APPLICATION (7690Z)
05 September 2018 - 3:09AM
UK Regulatory
TIDMINM
RNS Number : 7690Z
Independent News & Media PLC
04 September 2018
INDEPENDENT NEWS AND MEDIA PLC -
UPDATE ON ODCE'S APPLICATION FOR THE APPOINTMENT OF
INSPECTORS TO THE COMPANY
Dublin/London, 4 September 2018: The High Court of Ireland has
today indicated its intention to make an order appointing Mr Sean
Gillane SC and Mr Richard Fleck CBE as inspectors under section 748
of the Companies Act, 2014 to inquire into and report on certain
issues relating to the conduct of the affairs of the Company.
These issues include the accessing by third parties of the
Company's data from 2014, the proposed acquisition in 2016 by the
Company of Newstalk Radio and other matters that were the subject
of disclosures made by Mr Robert Pitt, the Group's former CEO, to
the Company. The inspectors would also report on whether Mr Leslie
Buckley, the former Chairman of the Group, disclosed information to
third parties in breach of market abuse or other applicable law and
whether there have been any breaches of law arising from any of
these matters and the Company's response to the disclosures made to
it.
The Court has indicated its intention to make the order on
Thursday, 6 September 2018 at 10.00 a.m. subject to the Company
having an opportunity at that time to make submissions to the
Court. The Board will consider the terms of today's decision and
the action that the Company might take in the interests of the
Company and its stakeholders.
The Board and the Company's management intend to remain focused
on the business and ensuring that the Group's operations continue,
so far as possible, to be conducted as normal.
For further information, contact:
MEDIA
Peter O'Brien
Wilson Hartnell
+353 87 811 4637
peter.o'brien@ogilvy.com
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END
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