Examples of INM Board in a sentence
Having taken into account the relevant factors and applicable risks, the INM Board, which has been so advised by Lazard as financial adviser to INM, considers the terms of the Acquisition as set out in this Announcement to be fair and reasonable.
In providing its advice to the INM Board, Lazard has taken into account the commercial assessments of the INM Directors.
The INM Board has also considered the potential risks as regards execution of the current strategy.
While the INM Board has full confidence in the delivery of this strategy and in the long-term prospects of the standalone company, it believes that the expertise Mediahuis will bring to INM will be invaluable as it undertakes its digitalisation programme.
Each of the INM Board, and Lazard as financial adviser to INM, has confirmed in writing to the Panel that for the purposes of the Note to Rule 21.2 of the Takeover Rules, they consider the terms of the Expenses Reimbursement Agreement to be in the best interests of INM Shareholders.
Accordingly, the INM Board unanimously recommends that INM Shareholders vote in favourof the Acquisition and all of the Resolutions, as they intend to do in respect of their own beneficial holdings of, in aggregate, 288,841 INM Ordinary Shares.
The INM Board notes Mediahuis’ track record and experience of digitalising newspaper businesses, a process which INM is currently undergoing in line with its recently announced new strategy, “INM@21”.
The INM Board notes that the Acquisition represents a significant premium of 44% to the undisturbed share price of7.28 cent on 3 April 2019 (being the last Business Day prior to the Rule 2.4 Announcement by INM on 4 April 2019) as well as a 70% premium to INM’s volume weighted average share price of approximately 6.17 cent over the 90 trading day period ending on 3 April 2019, and that the all-cash consideration gives INM Shareholders an opportunity to realise value at this premium today.
Having considered all of these factors, the INM Board believes that the Acquisition represents the best option for INM, its employees, its readership and its customers, and is in the best interests of INM Shareholders.
In addition, since the commencement of an offer period on 4 April 2019, the INM Board has received further third party interest in acquiring INM.