DUBLIN: Billionaire telecoms tycoon Denis O'Brien, tormentor-in-chief of Independent News and Media chairman Sir Anthony O'Reilly, and the company's second-largest shareholder, has again upped his stake, from 22.67% to 25.04%. The move precedes IN&M's annual meeting on June 11.
Although still trailing O'Reilly's 27.88% controlling holding, O'Brien's slice of the action has reached the level at which he can block special resolutions, should he so choose.
The latter, a vocal critic of O'Reilly's helmsmanship of the international newspaper group, is demanding that its twenty-strong board be halved in number.
He also complains that the links between O'Reilly and some independent directors are closer than is appropriate to good corporate governance
Says O'Brien: "They need to restructure the board entirely. Instead of having twenty [directors], best practice would be to have ten to eleven people; and they need to put maybe four or five people under thirty on the board. I'm talking about a complete mind change."
He also opposes IN&M's retention of its two lossmaking British national newspapers, The Independent and Independent on Sunday, arguing that they are a drain on the company's finances. He continues to press for their sale, dismissing the prestigious titles as an O'Reilly "vanity operation".
Data sourced from Guardian.co.uk; additional content by WARC staff