INM in power shift as two directors ousted

The growing power shift at Independent News & Media took a firm hold yesterday with prominent directors — chairman James Osborne and chief financial officer Donal Buggy — being voted off the board at the group’s AGM.

The move underlines the strength of high-profile investors Denis O’Brien and Dermot Desmond, who between them now own more than 36.25% of INM.

Mr O’Brien recently increased his holding in the group to 29.9%, while Mr Desmond — via his IIU investment vehicle — this week upped his interest from 5.75% to 6.36%.