INM and ODCE investigation
The Sunday Times reported that an Isle of Man company controlled by Denis O'Brien paid the bill for an IT group that was given access to the computer networks of Independent News & Media, according to an investigation by the Office of the Director of Corporate Enforcement.
The Sunday Independent also reported this link and said the office has claimed that data relating to a number of former and current staff as well as former directors at INM may have been taken out of the jurisdiction.
Michael O’Flynn and €50m land deal
The Sunday Business Post also reported that Cork developer Michael O'Flynn is the preferred bidder to buy the 195-acre Liffey Park Technology Campus that US technology giant HP is selling in Co Kildare with a price tag of €50 million.
The developer is being backed by US-based investment giant BlackRock, which has previously worked with him on commercial development projects.
C&C looks at UK acquisition
C&C is among companies circling the wholesale division of Conviviality, the embattled UK drinks company, according to The Sunday Times.
The beer and cider maker has been "strongly linked" with a potential bid for Conviviality's Matthew Clark, which supplies 20,000 pubs in the UK, according to the report. Conviviality said last week that it intended to appoint administrators, which may lead to a break-up and sale of different business arms, after failing in efforts to raise emergency funding to keep the group going.
Denis O’Brien eyes 30-year INM investment recovery
Businessman Denis O'Brien told a dinner hosted by Davy for clients last month that it would take him 30 years before he could break even on his investment in Independent News & Media, The Sunday Business Post reported.
The newspaper said that Mr O’Brien’s decision to speak at the dinner had sparked speculation he might make another attempt at floating Digicel, the entrepreneur’s mobile company that operates in 31 emerging markets, or refinancing the company’s $6.6 billion (€5.4 billion) debt pile.
IPL Plastics considering European deal
IPL Plastics, the rigid plastics maker formerly known as One51, plans to use 200 million Canadian dollars (€126 million) from its planned initial public offering this year to carry out a large European acquisition, according to The Sunday Independent. The report added the company, led by Alan Walsh, held a number of talks with European plastics companies last year but all negotiations were put on ice until after the IPO. It is currently mainly focused on North America.
Boylesports and Asian opportunity
The Sunday Independent also reported that Boylesports' new chief executive, Conor Gray, has his sights set on expanding the business, with Asia possibly on the cards.
The newspaper cited Mr Gray, a son-in-law of the company's founder John Boyle, as saying that while Europe was a "tricky market", Boylesports would be more comfortable with the regulatory environment in Asia.
Euroclear abandons plan for Irish subsidiary
The Sunday Times also reported that Euroclear, the Brussels-based securities settlement company, has abandoned plans to set up a central securities depository in Ireland (CSD).
Euroclear, which currently operates in Ireland through a UK-based subsidiary, had previously flagged its interest in setting up an Irish CDS subsidiary, which would be able to continue to settle shares and other securities traded on the Irish Stock Exchange post-Brexit. Euroclear has said that it will now explore other potential securities settlement solutions for Ireland.
