Investor Relations
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26th Mar 2003

INM announces Preliminary Results for 2002 & Recapitalisation programme

The Board of Independent News & Media PLC [‘INM’] today presented the Group’s preliminary results for the year ended 31st December 2002.

The Board simultaneously announced the favourable disposal of the Group’s UK Regional newspaper business and a fully underwritten Rights Issue, which - when combined with the €65 million received last November on the disposal of our APN convertible notes - means that €256 million in fresh funds will have been injected into the Group. These announcements reflect the Board’s unrelenting focus on enhancing shareholder value, positioning INM for future growth.

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“Independent News & Media has always understood that beyond being a very successful company in the financial sense, it has broader social responsibilities to all those communities where it operates. This is demonstrated by over 200 projects and charities which the company has underwritten and supported and can be seen from the work that INM has done in education, particularly the work they’ve done in health education in South Africa in relation to HIV and AIDS.”

Baroness Margaret Jay, Non-Executive Director
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