Disposal of overseas assets on cards

Further disposals of overseas assets could be on the cards at Independent News & Media (INM), as the group’s revamped management team looks to cut costs, drive down debt and tackle its pension deficit.

Shareholders attending INM’s AGM in Dublin’s Citywest Hotel yesterday, were told by the outgoing board that, while no decision had been taken as yet, “clearly, the possibility of disposals would have to be looked at”.

INM’s existing non-Ireland-based operations include a 30.4% stake in Australian media group APN, and newspaper and online interests in South Africa. It was recently reported that Denis O’Brien — INM’s dominant shareholder — is keen on the South African business being sold and any freshly raised funds being used to expand further into Australia as well as India and Indonesia.