BoI buys more media shares

BANK of Ireland Asset Management has increased its share-holding in Irish Independent owner Independent News and Media, the company told the stock exchange yesterday.

BOIAM now holds 64,295,732 shares in INM, which represents 11.18% of the shares, up 2.78% from the 8.4% of the company BOIAM held earlier this year.

The BOIAM shares are held as registered owner only on behalf of clients, who are each the beneficial owner of a portion of the share-holding.

Commenting on INM's share buyback scheme, Goodbody Stockbrokers noted: "As a result of the recent buybacks, we

believe that the combined share-holdings of board members has now crossed the

important threshold of 30% of the overall company. Assuming that this is indeed the case, then it is likely that the more recent buybacks have taken place with the

approval of the Irish Takeover Panel."

Goodbody also noted that since June, the company had spent an estimated 18.3 million acquiring more than 11.5 million shares, representing 2% of the issued share capital in the company.

"We estimate that the current share price will need to go above 1.59 if the company is to break even on these share purchases," Goodbody's Neil J Clifford said.

INM shares closed down 1.54% at 1.28 yesterday, a new closing price low for the company this year.

Goodbody and Merrion Stockbrokers rate the shares a hold. The Capital Group Companies owns 11.99% of INM.