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Tue 01 Jan 2009INM plans to raise new bond as final dividend cancelled
INDEPENDENT NEWS Media (INM) has cancelled its final dividend, scrapped the sale of its stake in APN News Media in Sydney, declared plans to sell “non-strategic” assets and says it will raise a new bond to meet the maturity this year of a €200 million bond.
The firm, in a market update published in response to a drastic cut in its share price last week, said the decline was “unwarranted”. INM said its market capitalisation did not fairly reflect the true value of its underlying assets, its trading performance or the “inherent profitability” and cash generative nature of its operations. More than 33 per cent of its revenues did not depend on advertising, the company said.
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