Board reassurances fail to boost INM shares

Shares at INM sank 15c today to €2.80 as members of the board met today and collectively rebutted criticism of the company by its biggest shareholder Denis O'Brien.

Chairman of the board of INM Brian Mulroney asked why would Denis O'Brien would invest $500m (€321m) in a 25% stake if he didn't think it was a "fine company and a fabulous investment" and that some may see this as hinting at ulterior motives on Mr O'Brien's part.

Mr O'Brien has questioned why the company has twice the recommended number of directors when compared to companies of similar size.

Elsewhere shares seemed to spiral downward on the financial front with Bank of Ireland recording a 24c loss to €6.37, Anglo dropped 20c to €6.80, while AIB shed 37c from its share price to €11.18.