KERRY ENTREPRENEUR Jerry Kennelly and Newstalk chief executive Frank Cronin have resigned as directors of Spin South West, the regional youth radio station in which Denis O’Brien’s Communicorp is a major shareholder.
The resignations took effect on December 9th, according to documents just filed with the Companies Office, although the Broadcasting Authority of Ireland told me it had not yet approved any changes to the station’s board structure.
Kennelly said his decision to step down was a “time management issue” for him. “There are only so many hours in the day,” he said, having just returned from a business trip to India.
Kennelly, who is working on a new business venture, remains a 10 per cent shareholder in Spin South West, which had accumulated losses of €1.9 million at the end of 2008.
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Also just filed with the Companies Office are accounts for FL Capital Partners Ltd, the private equity vehicle led by Peter Crowley and Neill Hughes.
The company had accumulated profits of €832,977 in the year to the end of August 2008, just before the Irish economy collapsed.
This compared with a surplus just shy of €700,000 a year earlier. Crowley and Hughes are undaunted by the recession. They recently declared their intention to take a €2 million punt on producing an Irish edition of the Racing Post, which they own.
