O'Brien increases his shareholding in INM to 20.23pc
Published 23/06/2010 | 05:00
Businessman Denis O'Brien has raised his stake in Independent News & Media (INM).
Yesterday, Mr O'Brien acquired over six million shares at a price understood to be around 88c per share.
Prior to the transaction, Mr O'Brien had a 18.61pc stake in INM. The move means he now owns 20.23pc of the newspaper group.
Sir Anthony O'Reilly owns 14.65pc of the company.
Both of their stakes were diluted by about half last year as a result of the company's rights issue and refinancing of an outstanding €200m bond.
This resulted in a partial debt-for-equity deal, giving bondholders a stake in the group. INM's share price closed up 2pc yesterday, finishing at 90c.
At the company's annual general meeting earlier this month, INM chief executive Gavin O'Reilly told shareholders that the group was seeing more stability in its trading performance across each of its regions.
He said 2009 had been "extraordinarily challenging", but after its successful financial restructuring it entered into a period of financial stability as global markets recovered.
He said the group would continue to target an improvement in operating profit for 2010 if the trends so far this year continue.