INM chairman Leslie Buckley sells 100,000 shares in company
LESLIE Buckley, chairman and director of Independent News & Media, has sold 100,000 shares in the firm worth €12,100.
The move was prompted after he reported to the Irish Takeover Panel that he had inadvertently taken the shareholding of Mr Buckley , majority shareholder Denis O’Brien and two nominees of the latter over the 30pc shareholding in INM that would normally prompt a takeover.
Mr Buckley was elected director of the firm at an extraordinary general meeting (EGM) of the firm on August 27, 2012.
Mr Buckley self-reported the matter to the Takeover Panel which accepted the breach was inadvertent.
The takeover panel has waived any obligation to make an offer for the firm under rule 9 of 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,” an announcement to the stock exchange confirmed.