Desmond’s INM share to hit 15%

Dermot Desmond’s shareholding in Independent News & Media is set to increase from its current level of around 6.4% to 15% following the group’s upcoming planned capital-raising effort.

The media giant is — as previously announced — looking to raise €40m as the last part of its financial restructuring effort, which should slash core group net debt to a manageable level of €118m and give the INM board some flexibility to invest in the business.

However, management said yesterday that — following consultation with existing and prospective investors — the capital raise will be by way of a share placing, via a combination of firm placement and open offer; rather than the previously preferred option of a rights issue.