Trading in the shares of Independent Newspapers Limited

The Securities Commission has completed its review of trading in the shares of Independent Newspapers Limited. The review considered trading volume in the shares prior to the company’s announcement on 11 April 2003 that it was in discussions with John Fairfax Holdings Limited about the possible sale of its New Zealand publishing business. The matter was referred to the Commission by the NZX.

The Commission has undertaken a thorough inquiry and based on its findings has decided not to take the matter any further.