Monday 19 March 2018

Buckley sells 100,000 INM shares

Maeve Dineen

INDEPENDENT News & Media chairman Leslie Buckley has sold 100,000 shares in the publisher worth a total of €12,100.

The move came after Mr Buckley told the Irish Takeover Panel that he had taken the combined shareholding of his own shares, majority shareholder Denis O'Brien and two of Mr O'Brien's other nominees on the INM board over the 30pc level that would normally prompt a takeover bid.

Mr Buckley self-reported the matter to the Takeover Panel, which accepted the breach was "inadvertent". Their combined state reached 30.01pc.

Mr Buckley was elected director of Independent News & Media at an extraordinary general meeting in August. The Takeover Panel said yesterday that it had waived any obligation for Mr Buckley to make an offer for the firm under the takeover rules and directed Mr Buckley to sell 100,000 shares to an unconnected party to reduce the combined shareholding to below 30pc.

"This notification confirms the sale of the shares as directed by the Takeover Panel," the announcement to the stock exchange said.

Irish Independent

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