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Independent Media Support Group

  • BY: Andrew Hore |
  • POSTED: 10/11/2008 |

Sylvia Sheridan will earn £89,250 a year from her consultancy to Independent Media Support Group.

Sheridan, who owns 75.5% of IMS, was appointed as a consultant after she ousted board members of the TV subtitles provider in October 2008. They had previously removed her as executive chairman in June 2008 because she was paid additional net remuneration of £58,200 without the approval of independent non-executive director John Reiss. 

Sheridan was paid £133,000 in 2006 when the company’s loss was £1.27m and £223,000 in 2007 when the loss was reduced to £129,000.

The 2007 figure does not include £14,000 of gross salary that was deemed to be overpaid. The board had been pursuing this debt and other amounts owed by Sheridan prior to the unseating of two directors.

It is unclear if IMS is still looking for repayment of all or part of the unapproved payments. IMS is lending Sheridan £35,000 which will be repaid in monthly instalments over the next 12 months and carries an interest charge of 6.25%.

The details of the consultancy agreement had to be announced because Sheridan was a director in the past 12 months.

At 4.875p a share, IMS is valued at £1.27m. 

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