IN&M sells all buyback shares

INDEPENDENT News and Media has disposed of all shares purchased in its controversial share buyback programme which almost triggered a takeover offer for the owner of the Irish Independent Newspaper.

Independent News & Media plc’s (IN&M) wholly owned subsidiary Independent Newspapers Management Services has sold its entire holding of IN&M treasury shares (11,506,000 ordinary shares) in the market at a price of €1.57 per share, raising €18.1 million.

This follows the sale of 3,068,266 Nil Paid Rights as part of the recent Rights Issue concluded on May 15, 2003, which yielded €1.9 million.