INM shares surge on Goodman stake
Shares in Independent News & Media closed up 6.3pc and broke the 10 cents each mark for the first time since early March yesterday in the wake of news that Larry Goodman has built up a stake in the country's biggest media group.
The Louth-based businessman is best known for his interests in the meat industry, including ABP Food Group, one of Europe's biggest food processors, which last week signed contracts to supply beef to China.
He's understood to have acquired a significant stake in INM, although one below the 3pc level that requires mandatory public disclosure.
A spokesman for Mr Goodman declined to comment. However, sources confirmed that he had taken a stake.
It is understood that the investment is financial - a trading position - rather than a signal of strategic interest in the media group, which publishes the Irish Independent, 'Sunday Independent', 'Sunday World' and 'Herald' newspapers, as well as regional papers across the country and the 'Belfast Telegraph' in Northern Ireland.
The 'Irish Times' reported that Mr Goodman had gradually accumulated INM shares in recent weeks.
It is understood he may have been the main buyer when an unusually high 32 million of INM shares traded on a May 16, just ahead of INM's annual general meeting on the 18th.
INM has more than 1.3bn of shares in issue. Any investor who owns more than 3pc of the stock exchange-listed company must declare their interest publicly.
INM shares closed at 9.2 cents each on May 16. The stock closed at 10cents a share yesterday, valuing the group at just under €140m.