Did IN&M just screw us big-time this morning?
Independent News and Media finally published its annual report and accounts this morning, and at the same time, details of the planned restructuring of the group which will see its debt and pension liabilities rationalized. In Ireland, IN&M publishes the Irish Independent, Sunday Independent, Sunday World, Herald, Belfast Telegraph and Sunday Life plus a range of regional newspapers. Its biggest shareholder at 30% is Denis O’Brien. Billionaire Dermot Desmond and the O’Reilly family own a further 6% and 13% respectively.
The group is of interest on here for two reasons. Firstly, it reportedly has loans of €150m from AIB and Bank of Ireland – €80m at the former and €70m at the latter. Overall, IN&M had loans of €440m at 31st December 2012. We own 99.8% of AIB and we own 15% of the ordinary shares in Bank of Ireland and have a further €1.5bn of preference shares in that bank…
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