Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Inl Shareholders Approve Sale To Fairfax

For release Monday 30 June 2003

Inl Shareholders Approve Sale To Fairfax

Independent Newspapers Limited today confirmed that a special meeting of shareholders had approved the sale of the company's New Zealand publishing assets to Fairfax New Zealand.

Chairman Ken Cowley said the proposed sale had received 94.23% support, with votes in favour of the sale accounting for 326.9 million shares.

The poll results are as follows:

Total Shares 326,943,842 20,003,531 346,947,343
% 94.23% 5.77% 100%

Mr Cowley said he was pleased that the proposal had met with such strong support.

The shareholder approval meant that the transaction would be finalised today.

Mr Cowley told a meeting of around 100 shareholders in Wellington today that the sale marked the end of an era and a long personal association for him with the INL publishing business.

"While it is an emotional occasion, the Board has always maintained that this sale represents the best opportunity for shareholders to maximise their investment."

Mr Cowley said the potential use of the sale proceeds would be considered expeditiously by the INL Board. He confirmed that future options included:
- The potential sale of the Geelong Advertiser
- A return of capital to shareholders
- Increasing INL's shareholding in Sky TV

Mr Cowley said the Board had commissioned an independent valuation of the Sky TV and would await this report before considering the matter any further. "We are considering the options around Sky, but I can assure you that we will not be paying any excessive price or premium."


- Independent Newspapers Limited is New Zealand's largest media company, publishing nine daily newspapers in New Zealand and one in Australia, plus New Zealand's two Sunday newspapers and the news and information website In addition INL publishes a range of other weeklies and national magazines, including TV Guide and NZ House & Garden, operates New Zealand's largest magazine distribution business and publishes over 60 community newspaper titles in New Zealand and Australia. INL also holds a 66% interest in Sky Network Television Limited, New Zealand's pre-eminent pay television service. INL had total assets as of 31December 2002 of approximately $NZ2.1B and total annual revenues of approximately $NZ454M for the six months ended 31 December 2002.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Shocking Dairy Footage: MPI Failing Our Animals And Damaging Our Reputation

Greens “Nathan Guy needs to urgently look into how his ministry is enforcing animal welfare standards, how these appalling incidents happened under its watch and what it’s going to do prevent similar incidents happening again in the future." More>>


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news