INM rises on sale rumours

MANAGEMENT atIndependent News & Media (INM) may have stayed silent yesterday, but the group’s share price rose by nearly 20% to 23 cent on the back of renewed speculation that a sale of not only its London-based newspapers but also its Indian-based interests are imminent.

And in an unexpected move last night the company put back the date of its preliminary results from April 24 to April 30. INM is in the midst of a major cost-cutting round, as it looks to lower its €1.4 billion debt andrepay a €200m bond.

As well as pay cuts for its Irish newspaper staff, planned redundancies have been announced at its London operations. A possible sale of its 39.1% stake in Australian media group, APN has also receded.