Independent News & Media (INM) withdrew as "incorrect" a stock market notification which suggested Bank of Nova Scotia had a security interest in three million of Sir Anthony O'Reilly's shares in the group.

INM indicated last night that there was no mortgage over any of the INM shares held by Sir Anthony, chief of the group and its dominant shareholder.

"There had been no change whatsoever in Sir Anthony's holding of over 205 million shares, worth over €765 million, and there is no mortgage attaching to those shares," said a spokesman for the group.

INM on Wednesday evening withdrew a notification to the market on Tuesday afternoon which was made on foot of a letter from solicitors Matheson Ormsby Prentice, a firm chaired by Sir Anthony.

The notification on Tuesday said Matheson Ormsby Prentice acted for Cartson Holdings, a vehicle that holds some of Sir Anthony's shares in INM. The letter indicated that the Bank of Nova Scotia was a mortgagee of a security interest in three million INM stock units held by Cartson. Such stock was valued that day at €10.98 million.

However, INM said on Wednesday that the notification was released in error. "This announcement is incorrect and must be disregarded."

Shortly before the INM statement on Tuesday, Waterford Wedgwood issued similar notification in respect of a Bank of Nova Scotia interest in shares in that company held by Sir Anthony and his brother-in-law Peter Goulandris.

That notification indicated that Bank of Nova Scotia had an interest in 1.43 billion Waterford Wedgwood stock units held by Birchfield Holdings, an vehicle used by Sir Anthony and Mr Goulandris.

The shares were worth €52.98 million that day.