Independent Newspapers Limited today confirmed that a special meeting of shareholders had approved the sale of the company's New Zealand publishing assets to Fairfax New Zealand.

Chairman Ken Cowley said the proposed sale had received 94.23% support, with votes in favour of the sale accounting for 326.9 million shares.

The poll results are as follows:

Mr Cowley said he was pleased that the proposal had met with such strong support.

The shareholder approval meant that the transaction would be finalised today.

Mr Cowley told a meeting of around 100 shareholders in Wellington today that the sale marked the end of an era and a long personal association for him with the INL publishing business.

"While it is an emotional occasion, the Board has always maintained that this sale represents the best opportunity for shareholders to maximise their investment."

Mr Cowley said the potential use of the sale proceeds would be considered expeditiously by the INL Board. He confirmed that future options included:

• The potential sale of the Geelong Advertiser
• A return of capital to shareholders
• Increasing INL's shareholding in Sky TV