Independent News & Media Share Discussion Threads

[carlo sartori] 20/12/2013 10:38

I read the release Caveat and there is a very simple explanation...........DOB's shareholding has "temporarily" gone above the 30% threshold but it will revert to 29.9% when the banks are issued their shares in the overall scheme arrangement. The Irish Stock Exchange granted permission for this temporary threshold excess and excused the necessity to make a mandatory takeover offer.

Carlo

[caveat_emptor] 20/12/2013 08:38

Looks like we are mistaken.......Independent diligently reports even the
dust moving on the floor of the newsroom over the last 6 months, but when
Dobbie moves over the takeover threshold, there is´nt a squeak.
"technical" will be the word use no doubt if and when the mouse roars.
I recall Sir A owned in excess of 40% of WW, or was it PVR at one stage without
having to bid. I think tho I dont know it had something to do with the state of the company and the interests of the shareholders. Somesuch.

Could also be censorship, owning as he does so much of the media, he´ll not
get hold of the indo I suppose without rearranging his media assets.

[caveat_emptor] 19/12/2013 18:12

Unless I and thee are mistaken yes....

[carlo sartori] 19/12/2013 17:44

Does that not mean that he must make an offer for the Company?

[caveat_emptor] 19/12/2013 16:24

DOB just declared past threshold of 33%

[caveat_emptor] 18/12/2013 10:08

That will be interesting, as the company now valued by the market at E130m.
Wonder what APN is now worth?

[carlo sartori] 16/12/2013 09:36

Hi Caveat,

If everything passes smoothly today I would expect an increase in share price pre Christmas for INM. I am not 100% sure that today will pass without incident? Denis O'Brien has protected his % holding and Dermot Desmond has significantly increased his effectively at the expense of other shareholders. I am not too sure that Mr O'Reilly will just leave this "pass" without some recompense?

Carlo

[caveat_emptor] 13/12/2013 18:42

The EGM's a penalty kick!!

[carlo sartori] 12/12/2013 23:13

Is there a translation/explanation for this enthusiastic ourpouring????

[caveat_emptor] 12/12/2013 17:27

Looking super I hear!!!

[caveat_emptor] 05/12/2013 16:57

RNS today shows how their digital strategy will accelerate their
growth....double the online audience in a year is some going!!!

[caveat_emptor] 23/11/2013 17:57

Yeah....I did not read the Phoenix article. Cant remember who or where
I read about it....maybe someone here could post the link. I heard he had
forecast as I said....and put target of 42 cents on his buy note.

[denis black gold] 23/11/2013 13:24

Caveat-Emptor sorry bout confusion... you agreed with moneybags on your BB 646 forcasting end of year share price of 8p and a price of 42p.....???? Could the share price really fall back in the short term....???? and if so by how much....???? Are you on about moneybags in the Phoenix Mag...?? Ta

[caveat_emptor] 23/11/2013 11:18

What do you mean by "post the new placing"?
Don't understand your question...
Nice to see you here tho'

APN is worth the present INM 75m valuation on recovery.
I see 150m down under.
Next result from down under will show that.

But of courses you are right, double the shares,
half the price...but that is too negative for me.
I'm with Mbags my valuation is 20-22 cents POST new share issue.
It cant make 42 before 16th December.

[denis black gold] 23/11/2013 09:51

Caveat-Emptor...How can you where INM could fall to 8c by year end post the new placing....?????

[caveat_emptor] 21/11/2013 08:12

1 for 3 means I need to pony up for 70k shares at 7.
That's 4900. I'm very happy to even out my previous
losses because I do not think Moneybags is wrong on this
occasion...forecasting end of year 8c and a price of 42 cents.
Cant see a better bet on the market right now...everything is
too highly priced. Good timing for INM in that respect. Who
would pony out 5 grand for companies like Glanbia or Kerry or
such like at their prices. The value is long gone there. This
is another leap of faith but better value in my book.

[caveat_emptor] 21/11/2013 06:42

INM sets 7c price for new shares in final part of fundraising plan

INM chairman Leslie Buckley (left) with CEO Vincent Crowley before the start of the recent AGM

Ailish O'Hora – 21 November 2013
INDEPENDENT News & Media has set a price of 7c for new shares in the final part of its fundraising plan.


The company is raising €40m as part of a restructuing which will slash the media company's debt to around €118m.

Details of the share placing and open offer includes the issue of 614,285,714 new shares which will begin trading on December 18 subject to approval at an extraordinary general meeting of shareholders on December 16.

INM said today the 7c price represents a premium of 17.8pc to the average share price in the period since April 26 when the restructuring with lenders was first announced and a 30pc discount compared with November 15 - the last trading day before details of the placing/offer and participation of shareholders was released.

Two of the publisher's biggest shareholders have already committed to buying shares.

Telecoms billionaire Denis O'Brien will maintain his stake at 29.9pc when the placement ends while financier Dermot Desmond said he expects to increase his stake to 15pc from 6.4pc.

In the share placing/offer - €30.2m will be raised through the placement of 430,812,954 new ordinary shares while €12.8m will be raised through a 1 for three placing and open offer resulting in the issue of 183,472,760 shares.

Vincent Crowley, chief executive at INM said today: "The capital raise will complete a complex, multi-stage restructuring programme agreed with our lenders and implemented with a wide range of stakeholders.

Thanking shareholders, lenders and staff Mr Crowley added: "INM is a company with excellent print and digital products, loyal readers and advertisers and this restructuring provides the financial stablity and flexibility to implement our strategy and to continue the process of rebuilding shareholder value."

Shares in INM have gained significantly this week since details of the offer emerged.

[cricklewood] 18/11/2013 18:51

The capital raising, which is intended to raise €40 million net of expenses, represents the final stage of the restructuring agreed by INM with its lenders earlier this year. If it goes ahead, it will reduce the group's core debt to €118 million plus other facilities and credit lines of approximately €10 million.

"The completion of this final stage will provide INM with financial stability and give it a firm platform to implement its business plan and strategic repositioning and will also significantly lower the group's annual interest costs and extend INM's debt maturity profile," the group said in a statement.

Desmond nominates Harrison to INM board

It is understood that the capital raising will likely result in a dilution for shareholders of the order of between 40 and 70 per cent. If the capital raising was not to go ahead, the group's banks would automatically get 70 per cent of the equity of the group, under the restructuring deal.

According to INM, its largest shareholder, Denis O'Brien, will participate in the offering and will maintain his shareholding in the group at approximately 29.9 per cent, thereby remaining below the 30 per cent level which would trigger a takeover bid.

Mr Desmond has also signalled his participation in the transaction, but will increase his shareholding, from approximately 6.4 per cent to 15 per cent.

It is not yet clear what other major shareholders, such as the O'Reilly family, which has a 13 per cent interest in the media group, will do.

[caveat_emptor] 18/11/2013 11:13

INM to raise €40m by selling new shares


Tom Molloy Group Business Editor – 18 November 2013
INDEPENDENT News and Media said this morning that it will raise €40m by selling new shares before Christmas to existing investors.

The share placing is last piece in a complex jigsaw puzzle that slashes the publisher's debt to around €118m.

Two of the publisher's biggest shareholders have already a given a commitment to buy shares, INM said. Telecoms billionaire Denis O'Brien will maintain his stake at 29.9pc when the placement ends while financier Dermot Desmond said he expects to increase his stake to 15pc from 6.4pc.

"The proposed capital raise, intended to raise €40m net of expenses, represents the final stage of the restructuring," the company said.

The share placement is the last step in chief executive Vincent Crowley's ambitious plan to return INM to profitability. It follows deals with the publisher's main lenders to write down debt, a reduction in future pension payments to employees and cost cutting measures. Lenders will own around 11pc of the company following the deal while a staff pension scheme will own a further 5pc.

The share placement, which is a combination of firm placement and open offer, must still be approved by shareholders at a specially convened shareholder meeting.

INM owns this website and a host of titles in the Republic of Ireland as well as the 'Belfast Telegraph'.

Shares in INM has soared 300pc to 12 cents so far this year, making them the best performing company on the Dublin stock exchange.

[caveat_emptor] 18/11/2013 11:02

So 70% instututional and 30% shareholders. us.

Well managed enterprise these days.

[caveat_emptor] 06/11/2013 08:00

So weeks have now passed since this share price rose 100% to 8, and 100%
again to 16, now back down 50% to 8, and with millions of shares traded there has been no official changes in insider holdings notified to the market.

[caveat_emptor] 30/10/2013 07:11

Odd, we have'nt seen anyone notifying the market
of any change to their holdings, in advance of
the rights...

[caveat_emptor] 22/10/2013 13:56

APN agrees to sell stake in APN Outdoor
DAVY VIEW

Upon completion, the disposal of APN Outdoor will raise $69m for APN, further streamline the business and provide increased flexibility around future debt reduction. The cash generated will reduce any future capital calls to APN shareholders and Independent News & Media in particular.
Selling stake in APN Outdoor

APN News & Media, in which Independent News & Media (INM) has a 29% shareholding, has announced that it has entered exclusive discussions with Quadrant Private Equity to sell its remaining interest in APN Outdoor for $69m. The price represents a 7.5x multiple of 2013 EBITDA. APN Outdoor has been operated as a joint venture between APN and Quadrant since May 2012. Both parties have agreed in principle to many of the key terms of the proposed transaction, but it remains incomplete.

The sale comes as part of a strategic review undertaken by APN's CEO, Michael Miller. It will assist in further streamlining APN and provide increased flexibility around future debt reduction.

[kopkidie] 22/10/2013 13:42

Have been in for the previous RI. And the 7 for 1 dilution.Have a better feel about the next RI though. Plus have bought at sub 4 cent so happy to hold long term here.

[caveat_emptor] 22/10/2013 12:16

The minute you opened your mouth...out came the boys
to shake for shares....

As of 12 cents the company is valued at 60m