Wednesday April 1, 2020

The bitter battle for INM’s hefty cash pile

Shareholders voted strongly to reintroduce dividends, but former and current employees want a contribution to the pension fund

Ian Guider

Markets Editor

11th December, 2016
INM chief executive Robert Pitt and chairman Leslie Buckley. Picture: Fergal Phillips

A few suppressed laughs were audible from the 100 or so shareholders in Independent News & Media as company chairman Leslie Buckley told them that one of the reasons why INM found itself in need of restructuring was that it had overpaid for acquisitions several years ago.

Of course, sitting at his right hand in the basement meeting room of the Alexander Hotel was INM’s chief executive Robert Pitt, who in the preceding days and weeks...

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