Stakes change hands in NP refinancing
Thursday 23 March 1995
Under the agreement in principle, Mirror Group and Independent Newspapers, the publishing group controlled by Tony O'Reilly, will each take a 43 per cent stake in NP, while Prisa, the Spanish-based publishers of El Pais, will see its holding drop to 12 from 18 per cent. The remaining shares will continue to be held by independent shareholders. Repubblica International and Espresso International, the Italian shareholders, will sell their 20 per cent stake to Mirror Group and Independent Newspapers.
The new NP board will give Mirror Group and Independent Newspapers three members each. Prisa will appoint two members; two independent non-executives, including current board member Andreas Whittam Smith, founder and former editor of the Independent, will also be appointed.
The three big shareholders will subscribe £20m in new equity, with Mirror Group and Independent Newspapers each contributing £9m and Prisa £2m.
Liam Healy, chief executive of Independent Newspapers, will be the company's new chairman and Sir Gordon Borrie, a non-executive director of Mirror Group and a former director-general of the Office of Fair Trading, will become deputy-chairman.
Mirror Group will take over the management of NP under the terms of a new management services agreement linked to a new business plan.
- 1 Michelle Watt's father says TV presenter killed herself because she was in constant pain
- 2 Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
- 3 'Help me I'm trapped in a factory' messages keep being found on bottles of vitamin water
- 4 North Korean defector flees to Finland 'with evidence of chemical testing on humans'
- 5 Greek debt crisis: The photograph that conveys the despair of Greece's elderly
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...