Independent News & Media Share Discussion Threads

[lbo] 07/7/2010 09:39

More like he is the only share buyer around and has no choice but to try and prop it up or loose more money!

[knickers2] 06/7/2010 09:14

Makes you wonder what price DOB wants to buy this at?

[mcsean2164] 18/5/2010 15:37

tumbleweed....

[cat100] 14/5/2010 08:27

FURTHER DECLINE IN REGIONAL ADVERTISING AT TRINITY MIRROR

Shares in newspaper publisher Trinity Mirror (TNI.L) dropped 12 percent on Thursday following its announcement that a decline in advertising at its regionals arm gathered pace in March and April. Group revenue fell five percent compared to 2009. Advertising revenue also fell five percent in the 17 weeks to May 2 compared to a similar period last year. Advertising revenue at Trinity Mirror's regional division fell ten percent in March and April, after falling six percent in January and February. Trinity Mirror said its March acquisition of Guardian Media Group's regionals arm was likely to become profitable later in 2010.

[lbo] 11/5/2010 00:00

Independent profit cut in half despite restructuring

[lbo] 06/5/2010 08:31

THE chairman of NAMA issued a stark warning to developers yesterday, saying nobody is too big to fail



Developers in denial on lifestyles, says NAMA chief



SOME of the country's top developers are still living boom-time lifestyles despite the collapse of their property empires and some have yet to hold face-to-face meetings with the National Asset Management Agency (NAMA), chairman Frank Daly complained yesterday.

[lbo] 30/4/2010 17:51

APN board buddies too close for comfort

[mcsean2164] 30/4/2010 13:24

LBO,

Do you recommend investing in any companies?

[lbo] 29/4/2010 08:22

IN&M paid €2.89m to Sir Anthony O'Reilly in 2009

[lbo] 27/4/2010 22:29

APN News & Media deputy chairman Ted Harris says the newspaper, radio and outdoor advertising company is prepared to consider board changes that could reduce the influence of its largest shareholder, Independent News & Media



Boardroom changes could force major structural changes, however, with the likelihood of INM having to sell down its stake due to the breach of lending and earnings covenants.

[mcsean2164] 26/4/2010 14:00

It's a phenomenal rise in the last few weeks. Go inm!

I see dennis is hoovering up shares. Happy days.

[lbo] 25/4/2010 22:17

Push for more independence on APN News board



THE make-up of APN News & Media's board is likely to come under scrutiny at its annual meeting next week with investors and corporate governance advisers suggesting that major shareholder Independent News & Media is over-represented among the directors.

[lbo] 25/4/2010 22:10

Conor O'Brien, Baron Inchiquin clocked up another victory in his legal battle with entrepreneur Denis O'Brien when he succeeded in having his own liquidator appointed when Denis O'Brien's Trinity Property Holdings (TPH) was wound up last week with a defecit of over €10 million and realizable assets of just €12,000. The Baron was awarded a €7.9 million judgement after the he claimed that TPH reneged on a 2006 deal to buy 377 acres of his 600-acre estate for a multi-million development which included a five-star hotel, convention centre and golf course.

[lbo] 22/4/2010 23:14

IMF report on global financial stability



Interesting note on the equity markets. looking at historic P/E ratios, the IMF staff concludes that back in February 2010 "For advanced economies, equity valuations are within historical norms". Except for Ireland, which deserves its own note: "Forward-looking price-to-earnings ratios of Ireland appear elevated due largely to sharp downward revisions in earnings projections."

So, read this carefully: Irish stocks were overvalued - based on forecast forward P/Es - back in the time of the paper preparation. Using z-scores (deviation of the latest measure from either the historical average or the forward forecast based on IMF model) for Irish equities are: +2.1 for shorter horizon (a simplified 96% chance of a downward correction) and +0.9 for longer term forecasts (roughly 63% chance of downward adjustment). In other words, the market is overpriced both in the short term and in the long run. Worse than that, we have the highest short and long term horizon over pricing in the world!

In housing markets, our price/rent ratio z-score is +1.1 (74% probability of deterioration), which means we are somewhat close to the bottoming out but are not quite there. How big is the 'somewhat' the IMF wont tell, but it looks like we are still 1.1 standard deviations above the equilibrium price. Price to income ratio - the affordability metric is at +0.8 stdevs, so prices might still have to fall further to catch up with fallen incomes (57% probability).

[lbo] 17/4/2010 14:09

HERE WE go again? Denis O'Brien's latest foray into Independent News Media shares holds out the prospect of a replay of the slow-motion – and ultimately futile – battle for control of the group that took place in 2007 and 2008.

The credit squeeze and subsequent debt crisis at INM saw both O'Brien and his rival Tony O'Reilly diluted from positions of real strength back down to 14 per cent in a debt for equity swap.

O'Brien would appear, however, not to have given up and is slowly creeping up his stake, crossing 18 per cent this week. The O'Reilly camp's response is awaited and the belief must be that they will be unlikely to let O'Brien steal a march on them, even if its far from clear quite in what direction things are headed.

Sources close to O'Brien say that he is in the market for more shares provided bond holders are prepared to sell at realistic prices. But they stress he has no plans to take a tilt at the company and that comes as no real surprise.

A bigger stake might give O'Brien some influence, but for the foreseeable future the whip hand lies with the group's banks.

Under the terms of the €745 million refinancing the banks can pull their support if any one shareholder or group of shareholders acquires more than 35 per cent of the company. O'Brien can buy all the shares he wants but unless he has access to a €745 million funding line he is going nowhere fast without the backing of INM's banks.

[lbo] 16/4/2010 20:48

More a case of survival than of winning or losing



The Waterford collapse cost Sir Anthony O'Reilly and his brother-in-law Peter Goulandris some €400 million – an investment they had ploughed into the company in the desperate, futile attempt to help it tread water.

Following a restructuring of the company's share capital, the nameless, faceless bondholders now have a 48 per cent stake in Ireland's biggest media group



"Post restructuring the bondholders in the group will retain an equity interest of at least 47.7% and potentially more depending on the acceptance of existing shareholders in relation to the current rights issue" Either way the extend and pretend continues! Even after the restructuring they will still have circa €950m net debt by the end of 2010





Sir Anthony O'Reilly was the Irish media mogul, the handsome rugby playing Heinz boss who, in his spare time, gradually transformed Independent News & Media from being Ireland's number one private newspaper publisher. The world then followed. His personal relationship with Nelson Mandela, for example, allowed his company to become number in South Africa after the end of apartheid.

Yet, somehow, the great old man seems no longer to care. His company was nearly overwhelmed by debt, and his once commanding controlling stake cut to 14.6 per cent. The London adventure is coming to an ignominious close with the £1 sale of the Indy (which he bought for about £50 million back in the day).

And now, the end game appears to be close. Denis O'Brien, his mercurial rival, became, today, the largest shareholder in Independent News & Media. His stake is now 18.6 per cent, after O'Brien spent a measly Eu23.7 million to hoover up another 5 per cent or so. If O'Brien moves fast he can pick up a few more shares and call an EGM pronto. That could allow him to pick his people to dominate the board.

O'Brien is still taking quite a risk here: IN&M with its still heavy debts is not yet a compelling investment, and O'Brien has already thrown plenty of money at this business only to lose it. But O'Brien's erratic strategy of share purchases, complaints against the O'Reillys, occasional efforts at peace, followed by demands to sell the Indy in London only really makes sense if the end game is simple: control of the company regardless of how much it costs him financially.

[lbo] 16/4/2010 20:34

O'Brien to net €510m from Digicel Pacific



The proceeds will no doubt be welcomed by O'Brien, who has seen his €500 million investment in Independent News and Media (INM) shrink to about €50 million over the past year.

[bongo bwana] 16/4/2010 16:43

LBO thats just plain disingenuous.


Please bring your contaminating incontinance elsewhere.

[lbo] 16/4/2010 16:28

Deja vu! Remember when Sean Quinn was buying more shares in Anglo Irish Bank?

[keelingr] 16/4/2010 15:59

O'Brien bigger Indo stake than O'Reillys
Friday, April 16 13:04:35

Denis O'Brien has increased his stake in Independent News and Media to just over 18.6pc today and now has a bigger shareholding that the O'Reilly family.

A statement to the stock exchange showed that O'Brien had bought just more than 168 million shares in the media group today.

O'Brien and the O'Reilly family have been in dispute over the direction of the company, involving numerous high-profile disputes. O'Brien had built up a stake in INM, but this was reduced last year after a financial restructuring, almost halving the holdings of existing shareholders.

[donkeymagic007] 16/4/2010 09:36

Hi all,

Huge volume traded already 15.8m alread, what do we thing the ? 6.5m trade was?