A round-up of today's other stories in brief.
O'Brien stake in IN&M rises to 9.08%
Businessman Denis O'Brien has taken advantage of a drop in the share price of Independent News & Media (IN&M) to increase his stake in the business to 9.08 per cent, which takes him a step nearer the symbolically important 10 per cent threshold.
Mr O'Brien's purchase of an additional 0.73 per cent of the company represents a fourth foray into the market this year. It also comes at a time when IN&M itself is restricted given that it is in a closed period before publication in mid-September of its interim financial results.
There was no indication in a stock market notice yesterday of the price at which Mr O'Brien bought his latest tranche of shares, which are held by Allied Irish Nominees, Barclays, Davy, Goodbody, Merrion and Pershing Securities.
Chairman denies rifts 'gossip'
The board of exploration group Petroceltic is united and aligned with the company's strategy, the company's executive chairman Brian O'Cathain told shareholders at its annual general meeting yesterday.
Responding to shareholders' queries on a recent media article which said there were rifts in the board, Mr O'Cathain described the contents of the story as "just gossip". "I don't think it is worthy of comment," he said.
Shareholders were also told that former director Philip O'Quigley had resigned because he did not agree with the strategic direction the board was taking. The company also announced that the former executive chairman Brian Cusack, who stepped down from the role this year, had resigned from the board.
Heating firm out of examinership
Dublin heating and plumbing firm D Harris (Heating & Plumbing) has successfully moved out of examinership following the acceptance by the High Court of a management buyout backed by new investors.
The company, which employs 45 people and has a number of local authority contracts, sought the appointment of an examiner on May 2nd last. Under the arrangement put forward by examiner Tom Kavanagh of Kavanagh Fennell, preferential creditors will receive 80 per cent of their debts and unsecured creditors will receive 10 per cent. Harris Heating has an annual turnover of about €7 million.
Ireland has lowest youth jobless rate
The Republic has the lowest jobless rate for under-25s in all of the EU, the EU's statistics agency has found. The latest numbers from Eurostat show that just 5.9 per cent of under-25s in the Republic are unemployed.
The Netherlands has the next lowest rate of 6.3 per cent. Denmark follows with 7 per cent.
The worst rates of unemployment were recorded in France, Greece, Poland and Romania, where more than one-fifth of under-25s were without work. In Greece, almost one quarter of under-25s were unemployed.
Shares rise on first day's AIM trading
Shares in Dublin-based Connemara Minerals closed up 15 per cent at 40.25p yesterday following the company's first day of trading on the Alternative Investment Market (AIM) in London.
Connemara's shares began trading at 35 pence but closed up 5.25 pence by the end of trading. Its market value rose from £5.3 million (€7.9 million) to £6.1 million.
William Fry
In an article in Saturday's edition it was stated that Owen O'Sullivan, the solicitor acting for DCC in Fyffes' Supreme Court appeal, worked for Arthur Cox. Mr O'Sullivan is a partner in William Fry.
