INM EGM to vote on proposed disposal of South African assets

Independent News & Media shareholders will vote today on the proposed disposal of its South African assets as well as “a number of share capital and other related resolutions necessary for the implementation of the other steps of the restructuring”.

Given the value of INM’s stock is down almost 90 per cent over the past year, the shareholders may also have one or two things to get off their chests at today’s EGM.

While Sekunjalo Independent Media, which is buying INM’s South African operations, previously stated the consortium and funding partners would be disclosed after today’s EGM, that announcement has now been put back to Thursday. “SIM and the sellers have a specific commercial transaction, with confidentiality agreements and transaction timetable, which must be respected, as in all such commercial transactions.”

Across the city, Elan shareholders will also get their say today, voting on a number of transactions, including a near-$1 billion investment in Theravance and a share buyback at the company's AGM.

US investor Royalty Pharma last week urged Elan shareholders to vote against the four resolutions at the EGM. The four transactions proposed by Elan include a $1 billion investment in Theravance's royalties, a $340 million takeover of Vienna-based AOP Orphan Pharmaceuticals, the spin-out of an experimental drug called ELND005 for Alzheimer's disease to Speranza Therapeutics and $200m in share buybacks.