Page 1 of 11 123 ... LastLast
Results 1 to 15 of 157

Thread: INM report losses: - Update O'Reilly steps down (ousted)

  1. #1
    Join Date
    Mar 2010
    Posts
    22,431

    Default INM report losses: - Update O'Reilly steps down (ousted)

    Looks like battle is about to commnece:
    Media group Independent News & Media has reported an 8.6 per cent drop in profit to €75.5 million for the 2011 financial year.
    Its shares dropped on the news, trading down 2.4 per cent in Dublin at 24 cent at 8.50 am.
    The firm reported earnings per share of 9.8 cent and said its net debt had dropped by 9.9 per cent to €426.8 million.
    The international media group issued profit warnings in September and in November, predicting profit in the range of €74 million and €78 million due to weak market conditions
    Meanwhile,accprdomg to the Financial Times, Denis O’Brien, with a 22 per cent stake in the media group, and Dermot Desmond, with 5.75 per cent stake, are both seeking the removal of Gavin O’Reilly. The FT cited "two people close to the company".
    http://www.businesspost.ie/#!story/H...5-a21fe6689148

  2. #2
    Join Date
    Mar 2010
    Location
    in the teeth of adversity
    Posts
    2,817

    Default Re: Independent News and Media report losses: O'Brien and Desmond to move on O''Reilly

    Old Ugandan proverb states - when elephants fight the grass suffers...

    Should O'Brien/Desmond win (they have a big chance, the institutional investors must be well tired of Beans Jr.'s empty promises and the oul fella's catheterised and never seen down at the club anymore) the days of the rotten clique around yer man above will be numbered: among the INM staff, Harass & Co. are the leading calumniators of O'Brien.
    "It is we the workers who built these palaces and cities here in Spain and in America and everywhere. We, the workers, can build others to take their place. And better ones! We are not in the least afraid of ruins. We are going to inherit the earth; there is not the slightest doubt about that. The bourgeoisie might blast and ruin its own world before it leaves the stage of history. We carry a new world here, in our hearts."
    — Buenaventura Durruti

  3. #3
    Join Date
    Dec 2010
    Posts
    788

    Default Re: Independent News and Media report losses: O'Brien and Desmond to move on O''Reilly

    On the day thats in it these two fine gentlemen prove that life goes on after negative tribunal findings.
    Do the right thing.

  4. #4
    Join Date
    Mar 2010
    Posts
    22,431

    Default Re: Independent News and Media report losses: O'Brien and Desmond to move on O''Reilly

    The FT claims that relations between James Osborne, INM chairman and O'Reilly have deteriorated recently.
    There is no evidence that Mr O’Brien and Mr Desmond have been in touch regarding their stakes, but their thinking is understood to be aligned. Mr O’Brien and Mr Desmond declined to comment.
    Mr Desmond has made it clear in the past that he is not in favour of Mr O’Reilly and his management team. Last year his representative at the company’s annual meeting accused INM of the “destruction of shareholder value”.
    Mr O’Brien now has only two INM board appointees after Lesley Buckley was voted off the board last year at the AGM, the first time this had happened in Ireland since 2001.
    INM claimed last year Mr Buckley had sought to interfere with its coverage of an Irish parliamentary commissioned tribunal investigating the award of Ireland’s second mobile phone licence to Mr O’Brien.

  5. #5
    Join Date
    Mar 2010
    Posts
    22,431

    Default Re: Independent News and Media report losses: O'Brien and Desmond to move on O''Reilly

    McDowell gives Denis a kicking in today's Sindo:
    Paying part of Trappatoni's salary, advising Irelandinc — these are all very well. But this oligarch is not buying into newspapers as a sound commercial investment or as a trophy asset. He has described his investment as a resounding error. He has lost a fortune on his Independent shares. So why is he still hanging around?
    I question Mr O'Brien's motive. My only conclusion is that newspapers continue to be the strongest opinion-forming medium around.
    His purpose, in my opinion, is influence and control of public debate.
    This is where Mr Rabbitte and Eamon Gilmore come in. They lead the second party in Government. They have departmental responsibility for the media.
    If FG is content to politically rehabilitate Mr O'Brien and hand over the bulk of our media to an oligarchs with a record such as his, so be it. If Labour is content for us to go down this road, God help us all.
    The Oligarch is waiting in the wings.
    http://www.independent.ie/business/m...t-3060590.html

  6. #6
    Join Date
    Mar 2010
    Posts
    22,431

    Default Re: Independent News and Media report losses: O'Brien and Desmond to move on O''Reilly

    Fascinating piece in the Phoenix this week that claims O'Brien is preparing a boardroom coup at INM in a matter of weeks. According to the story he has two representatives on the board and another two are broadly sympathetic. He needs one more to tie at five for O'Reilly and five for himself and Dermot Desmond.
    James Osborne, the chairman who was appointed by O'Reilly and opposed by O'Brien, is now thought to have changed his view of the company and favours a massive restructuring with a big clear out at editorial level.
    It it came to a tied vote it seems Osborne would swing to the O'Brien side.
    Its noteworthy that Rabbittes' promised bill on media ownership hasn't made an appearance yet.
    Curiously enough, the Phoenix thinks that this area of responsibility still remains with Richard Bruton and hasn't been handed over to Rabbitte as promised.

  7. #7
    Join Date
    Nov 2010
    Location
    in the national interest
    Posts
    17,682

    Default Re: Independent News and Media report losses: O'Brien and Desmond to move on O''Reilly

    Quote Originally Posted by PaddyJoe View Post
    Curiously enough, the Phoenix thinks that this area of responsibility still remains with Richard Bruton and hasn't been handed over to Rabbitte as promised.
    Indeed. Talk of a serious rift over this.

  8. #8
    Join Date
    Mar 2010
    Posts
    12,044

    Default Re: Independent News and Media report losses: O'Brien and Desmond to move on O''Reilly

    Why would two Irish oligarchs be fighting over an obviously dying business? Ego?
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  9. #9
    Join Date
    Mar 2010
    Location
    Dublin North-West - the leading constituency!
    Posts
    5,881

    Default Re: Independent News and Media report losses: O'Brien and Desmond to move on O''Reilly

    Quote Originally Posted by Captain Con O'Sullivan View Post
    Why would two Irish oligarchs be fighting over an obviously dying business? Ego?
    To bloody the nose of a third Irish oligarch in a ritual they equate with sport?

  10. #10
    Join Date
    Mar 2010
    Posts
    15,318

    Default Re: Independent News and Media report losses: O'Brien and Desmond to move on O''Reilly

    And if O'Brien wrests control from Mr. Beans we'll see the phalanx of sycophants who write for INM titles lose interest in Lowry et al and switch their attention to members and associates of the ancien regime.

  11. #11
    Join Date
    Mar 2010
    Posts
    12,044

    Default Re: Independent News and Media report losses: O'Brien and Desmond to move on O''Reilly

    Ah- right so. Two bald men fighting over a third bald man's comb. A large section of the Irish print media has been discredited in recent years anyway so in truth it matters not which tax exile ends up with a business rapidly disappearing up its own Terry Prone.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  12. #12
    Join Date
    Dec 2011
    Posts
    332

    Default Re: Independent News and Media report losses: O'Brien and Desmond to move on O''Reilly

    I hear that there is to be resignations from the management on friday ,the very top management by the way

  13. #13
    Join Date
    Mar 2010
    Posts
    22,431

    Default Re: Independent News and Media report losses: O'Brien and Desmond to move on O''Reilly

    I missed this interview with DOB's right man, Leslie Buckley, in Friday's IT. A lot of it is used to attack IN&M who voted him off the board last year.
    I didn't realize that he is the Government representative on the board of Aer Lingus and will presumably have a major input in the sell off decision.
    Abu Dhabi-based carrier Etihad has expressed an interest in the Government’s stake. Would he support this?
    “Etihad has been mooted on a number of occasions, but there are other parties who I’ve no doubt at the appropriate time will be interested.”
    Who?
    “I’m not in a position to divulge that,” he says.
    http://www.irishtimes.com/newspaper/...314680942.html

  14. #14
    Join Date
    Nov 2010
    Location
    in the national interest
    Posts
    17,682

    Default Re: Independent News and Media report losses: O'Brien and Desmond to move on O''Reilly

    Anonymous buyer bought 13m worth of shares today. 2% worth

  15. #15
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,770

    Default Maidir Le: Re: Independent News and Media report losses: O'Brien and Desmond to move on O''Reilly

    Quote Originally Posted by Dr. FIVE View Post
    Anonymous buyer bought 13m worth of shares today. 2% worth
    Is it worth that much ?

Page 1 of 11 123 ... LastLast

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Share us
Follow Us