Examples of INM Shareholders in a sentence
Upon the Scheme becoming Effective, it will be binding on all INM Shareholders, irrespective of whether or not they attended or voted at the Scheme Meeting or Extraordinary General Meeting, or whether they voted in favour of or against the Scheme.
INM will then issue new INM Ordinary Shares to Mediahuis in place of the INM Ordinary Shares that were cancelled pursuant to the Scheme and the Reduction of Capital and Mediahuis will pay the Consideration for the Acquisition to the INM Shareholders.
Further details of the Scheme will be set out in the Scheme Document, including the expected timetable and the action to be taken by INM Shareholders.
Under the Scheme, all INM Ordinary Shares held by INM Shareholders will be cancelled pursuant to Article 47 of INM’s Articles of Association and sections 84 to 86 of the Companies Act 2014 in accordance with the terms of the Scheme.
Under the terms of the Acquisition, INM Shareholders will be entitled to receive: for each INM Ordinary Share 10.5 cent in cash The Acquisition values the entire issued and to be issued ordinary share capital of INM at approximately €145.6 million.
As such, it has reached the conclusion to unanimously recommend the Acquisition to INM Shareholders.
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 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.