Independent News & Media Share Discussion Threads

[caveat_emptor] 20/4/2012 12:19

That would be a fair compromise?

[lbo] 20/4/2012 11:54

EV/EBITDA of 7 in current market does not make it look cheap for any "white knight"

INM has a current market capitalisation of just over £140m and, with net debt of €427m, it has an enterprise value of €595m (not including a pension deficit of €147m). Add to that the premium anyone would have to pay for a full takeover and you could easily be up to a €1bn or an EV/EBITDA of over 10? Doubt the O'Reillys would sell out as easy as they stepped down so would any "white knight" pay that?



Finally, with the current debt facility maturing in May 2014 and the renegotiated banking covenants agreed out to May 2013, we expect the group to begin negotiations around a re-financing soon, with the intention of making an announcement by year-end

[lbo] 20/4/2012 11:32

The Government is concerned over the diversity of ownership and content in the Irish media

[caveat_emptor] 20/4/2012 03:09

White Knight = Compromise mentioned?

[lbo] 19/4/2012 23:35

IT HARDLY matters which of the two oligarchs get control of Independent News and Media, for neither should be allowed to. Not because of any moral turpitude on the part of the oligarchy represented by Denis O'Brien or that represented by the O'Reilly family.

First, Independent News and Media is far too large, and the power it gives to whomever controls it is oppressive




If O'Reilly goes, how independent can INM really be?

[lbo] 19/4/2012 23:32

under the terms of the restructuring which saw eight banks roll over some €745 million of debts, the following condition was included in the agreement: "If one or more persons acting in concert gain control of the company (control being defined as 35 per cent of the maximum number of votes that may be cast at a general meeting of the company), a lending bank is not to be obliged to fund further utilisation and can declare outstanding borrowings immediately due and payable."

What this means is that no one can take control of INM without the approval of the banks unless they can refinance its debts.

INM's debts have been very significantly reduced to €427 million but raising the finance to take them out would still be very difficult in the current climate, certainly on the basis of the company's current trading. The group last month reported a 5.6 per cent fall in underlying revenue for 2011 due to "very challenging trading conditions" in Ireland.

The terms of the restructuring combined with the trading position in effect give the banks the power to prevent Mr O'Brien increasing his stake to the level – 50 per cent plus – required for board contro

[lbo] 19/4/2012 23:28

Taoiseach Enda Kenny said the Government would consider "cross-ownership" of the media after an escalation in the battle for control of Independent News and Media.

His comments came after Gavin O'Reilly, chief executive of INM, quit following the boardroom struggle with billionaire telecoms and broadcasting magnate Denis O'Brien.

[pdosullivan] 19/4/2012 18:32

For those of you who follow this stock, I've blogged about what O'Reilly's departure means for Independent News & Media here:

[lbo] 16/4/2012 10:39

"I do make comments that are entirely personal" by you says it all and leaves very little to be said except it should never be made "personal" and I like many others never get "personal" or "touchy"! it just clouds your objectivity and judgement! A lesson many still have to learn but their egos wont let them!

[lbo] 16/4/2012 09:15

First of all it not my "muck and mayhem" it is other peoples views and analysis with some important facts thrown in. Attack the facts not the fact provider! And do you think anyone wants to listen to your subjective and vested personal comment? Maybe they do! Or maybe they just dismiss it as "muck and mayhem". In this world of freedom of speech we are all entitled to opinions even if some have no clue what they are talking about! Quid Pro Quo

[caveat_emptor] 08/4/2012 09:51

Irish Times reports DOB's outrage at the Sunday Indo's comments


Balanced coverage?

[lbo] 05/4/2012 14:59

Why would Anlgo Irish Bank pass up €15m on behalf of Irish taxpayers and accept a lower bid?

[lbo] 02/4/2012 15:16

O'Brien's links to Fine Gael spell more trouble for the Taoiseach

[lbo] 02/4/2012 15:15

Firm claims it was excluded from Siteserv sale to O'Brien

[caveat_emptor] 01/4/2012 12:42

Is it a case of....

Is this how governments fall?

[lbo] 30/3/2012 11:34

THE Government was under mounting pressure last night over its relationship with businessman Denis O'Brien.

Public Expenditure Minister Brendan Howlin became the most senior member of the Government to express reservations about coalition contacts with Mr O'Brien a year on from the Moriarty Tribunal report.

[caveat_emptor] 29/3/2012 20:20

Miriam doing program on the Tribunals tonight.

[lbo] 29/3/2012 09:26

MINISTER FOR Social Protection Joan Burton has warned her Government colleagues to review how they interact with businessman Denis O'Brien.



and all the while INM is torn asunder!





Turbulent times for Gavin O'Reilly's reign at INM