Two sets of investors self-described as having "deep pockets" yesterday made their pitches for the right to run the State's first regional radio station

A decision on the licence for the south-east station is to be made before the end of the month by the Broadcasting Commission of Ireland, which held an oral hearing on the two applications in Kilkenny.

The bidders, Power FM and Beat 101, both propose to establish a music-driven station targeted at 15- to 34-year-olds. There was much talk at the hearing of "cutting-edge broadcasting" and "whole new concepts".

The Power FM camp includes in its ranks Mr Bob Geldof, venture capitalist Mr Eugene McCarthy and the chief executive of the Sunday Business Post, Ms Barbara Nugent, who would chair the station's board. It is 51 per cent owned by SBS Broadcasting, which has television and radio stations in a number of European countries.

Beat 101's biggest shareholder would be the Waterford radio station, WLR FM, with a 30 per cent stake. Its submission was chaired yesterday by another investor, Waterford Wedgwood chief executive Mr Redmond O'Donoghue. U2 manager Mr Paul McGuinness and Mean Fiddler owner Mr Vince Power would also be on the board.

Both sides cited market research which, they said, showed that people in the 15 to 34 age bracket were not being served by existing independent stations and were listening instead to 2FM.

Similarities between the bids did not stop there. Both also said they expected to generate revenue of €2.4 million in the third year of operation.

The two made 20-minute presentations before being questioned for about 40 minutes by the commission chairman, Mr Conor Maguire, on a range of issues including their commitment to meeting the 20 per cent news and current affairs requirement, management structures and even their attitudes to substance abuse.

The Beat 101 team was questioned about its proposal to share sales and administration services with WLR. They argued this would make the new station, to be run by 13 full-time staff as opposed to Power FM's 27, a more viable proposition.

Mr Des Whelan, the managing director of WLR and chairman of the proposed new venture, said the two stations would operate independently and report to separate boards of directors. No one voice would be heard on both stations.

Mr Geldof, who is touring, was the only high-profile absentee from either camp. Mr Maguire said a decision would be made by April 29th.