Buy-backs ‘lose INM 2.3m euro’

INDEPENDENT News and Media (INM), owner of the Irish Independent, has made a loss of 2.3 million euro on its share price support buy-back programme of more than 10 million shares, according to analysts.

Goodbody Stockbrokers media analyst Neil Clifford yesterday issued a note to clients on INM’s 14 forays into the market since June to buy shares in the company.

“Independent N&M bought back more of its shares on Thursday and Friday last week bringing its total holding to over 10 million shares. We estimate that since June of this year it has increased its holdings from nil to 10.03 million shares at an approximate cost of 16.4m euro.