Telecoms billionaire Denis O'Brien has again raised his stake in Independent News & Media (IN&M).
The move comes just ahead of the maturity of the convertible New Zealand stock that will further enhance Mr O'Brien's holding in the media group run by rival Sir Anthony O'Reilly.
In a statement to the Irish Stock Exchange yesterday, Mr O'Brien disclosed he had gone back into the market to acquire a further 2.35 million shares, raising his stake to 12.2 per cent from 11 per cent.
The shares were purchased on Tuesday and the price paid was not disclosed. The stock was trading at around €2.16 on Tuesday, down from €2.53 at the end of last month. At that level, Mr O'Brien's latest foray into the market will have cost him around €5 million.
The New Zealand cumulative exchangeable preference shares in IN&M held by Mr O'Brien and others will convert into ordinary stock in the Irish media group tomorrow on a one-for-one basis.
There is no legal requirement on holders of these New Zealand securities to disclose their interest, so Mr O'Brien will not have to declare his hand until the conversion is complete.
Shares in IN&M have lost almost 15 per cent of their value this month as Irish stocks continued to suffer from global financial uncertainty and the presence of short-sellers in the market.
Mr O'Brien has been building up his holding in recent months and is the second biggest shareholder in the Dublin-based group. Mr O'Brien made his last purchase of IN&M shares earlier this month after a gap of two months.
