INL publishes buyback plan

By Phil Boeyen, ShareChat Business News Editor

Thursday 14th June 2001

Shareholders uncomfortable with Independent Newspapers' (NZSE: INL) journey Skywards are being given the chance for a ticket refund.

The company has announced plans to buyback 10 million or 2.5% of its shares over the next six months, beginning in a few weeks time via the NZSE's order matching market.

Chairman Ken Cowley says the process conforms to an increasingly common practice in larger listed companies.

"It affords the company an opportunity to return capital to shareholders outside the usual dividend structure with the receipts generally tax-free in the hands of shareholders".

Mr Cowley says the company's directors also recognise that the broadening of the company's base to television interests may not be the preferred course for all shareholders.

"Those holders have the opportunity to review their investment and to offer their shares to be bought back by the company."

Shareholder approval given at a special meeting today means that INL now holds 66.25% of Sky Television (NZSE: SKY) in accordance with its restricted transfer notices given in early May.

INL has also announced that an Australian executive of News Corp (NZSE: NCP), Peter Macourt, is joining the board, taking the number of non-executive directors to nine.

Mr Macourt is the deputy chief executive of News Ltd, which is a major shareholder in INL.

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