Shareholders in Independent News & Media (INM) this morning overwhelmingly voted in favour of the media group's proposed disposal of Independent News & Media (South Africa).

The group held two extraordinary general meetings in Dublin today, to consider the dispoal of its South African assets, and to approve a number of allotment and other authorities necessary for the implementation of the company’s restructuring as previously announced. The vote on restructuring was also approved.

In April, the group announced that a consortium of eight banks, including AIB and Bank of Ireland, had agreed to write off almost €140 million of its debt, as part of a wider restructuring which would see the group reduce its net burden from € 424 million to € 118 million. INM will also raise about €40 million in new equity in a rights issue.

INM is expected to make €167 million from the sale of its South African business. Sekunjalo Independent Media (SIM), which is buying INM’s South African operations, previously stated that the consortium and funding partners would be disclosed after today’s egm, that announcement has now been put back to Thursday.

“SIM and the sellers have a specific commercial transaction, with confidentiality agreements and transaction timetable, which must be respected, as in all such commercial transactions.”