Australian media group APN, in which Independent News & Media (INM) has a 38.5 per cent stake, has reinstated a share buy-back programme that was suspended when INM sought to take the group private.

APN declared its intention to buy back more than 45.3 million of its own shares ahead of it annual meeting today, a move that it will see it accumulate some 9 per cent of its own stock over the next year.

The resumption of the APN programme comes amid a share buy-back initiative at INM, which has seen that group spend millions of euros on its own stock since its bid to take private APN was rejected by investors in that group. INM "dissident" shareholder Denis O'Brien has been increasing his stake in the group, with some market participants characterising its buyback as an attempt to frustrate Mr O'Brien.

APN said at the meeting that trading in the first half of the year had been in line with expectations and in line with the same period last year, which was the slightly stronger of the two halves.

NCB analyst Tricia McEvoy said in a note that the company remained under-geared, with two-times ratio of debt-to-earnings before interest, tax depreciation and amortisation when excluding convertible notes.

"In its agm address to shareholders today, it also announced the acquisition of the 50 per cent of Toowoomba Newspapers that it did not already own.

"As this business was previously consolidated, it will have no impact on APN's earnings before interest and tax but it will be earnings per share accretive. Toowoomba Newspapers has strong growth prospects and a consistent history of earnings growth."