Independent board vetoes O'Brien's attempt to ban it from issuing securities

The board of Independent News & Media, owner of The Independent and The Independent on Sunday titles, won its battle against investor Denis O'Brien, when shareholders voted overwhelming on Friday against his resolution at an extraordinary meeting in Dublin.

More than 65 per cent of investors voted against the resolution tabled by Mr O'Brien which sought to revoke the directors' authority to issue new securities. Dr Brian Hillery, INM's chairman, said: "INM remains resolute in its focus to restore the group to a secure and stable financial position in line with its restructuring programme." INM's bond-holders also agreed to take a stake in the company as part of a refinancing. Bondholders are owed €200m (£179m), plus rolled-up interest, which they will swap in return for a 46 per cent stake in the company plus some of the proceeds of the rights issue which they will also underwrite. Mr O'Brien and Sir Anthony O'Reilly, the former chief executive, will see their stakes halved to 13 and 14 per cent respectively.