Investor Relations
News Detail

6th Jun 2003

Oversubscribed Issue of New CEPS

Independent News & Media PLC [‘INM’] today announced that its wholly owned subsidiary, News & Media NZ Limited, has successfully concluded the fresh issue of NZ$225.0 million (approximately €110 million) unsecured, subordinated Cumulative Exchangeable Preference Shares (CEPS), which will refinance the existing NZ$181.8 million CEPS, which were due to mature on 30th November 2003.

With the funds already committed being well in excess of the NZ$181.8 million required to refinance the existing CEPS, INM has decided not to accept any further subscriptions, and therefore there will be no public pool.

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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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