In short

A roundup of today's other business news in brief

Over 97% of INM new shares taken

More than 97 per cent of the new ordinary shares offered in INM’s recent rights issue has been taken up by qualifying shareholders, the company said yesterday.

The resulting reconfiguration of the share capital of the company means Denis O’Brien and Sir Anthony O’Reilly will now hold a 13.8 per cent and 14.7 per cent shareholding respectively, with the bondholders holding a 48 per cent stake in the company.

INM chief executive Gavin O’Reilly said the company was “very pleased” with the take-up. The successful rights issue, combined with the completion of the firm’s asset disposal programme, means net debt has been reduced by some €350 million in 2009.

The company has placed the remaining 2.83 per cent of the shares on the market.

$250m credit facility for Tullow

Tullow Oil has finalised arrangements for a new $250 million (€172 million) revolving credit facility.

The group says documentation for the facility was executed by Bank of Scotland, BNP Paribas, Calyon, ING Bank, Société Générale, Standard Bank, Standard Chartered Bank and the Royal Bank of Scotland yesterday.

Tullow says the new debt facility will supplement its existing reserve based lend debt arrangements, providing additional funding capacity and flexibility for the group’s future capital programmes.

In other news, Tullow may try to block a new deal between its partner Heritage Oil and Italy's Eni over a western Uganda petroleum exploration field, the local Daily Monitorreported.

Energy-producing device goes on display

Controversial technology that allegedly defies the laws of physics to create free power went on public display yesterday – two years after a much-heralded demonstration ended in failure.

Irish company Steorn insisted the Orbo device was now more robust and reliable as it welcomed potential investors to a Dublin viewing.

But chief executive Seán McCarthy admitted the clean, constant energy-producing device could still end up malfunctioning.

“The systems are up, they’re running and I’m sure some of them will break – it’s a prototype technology,” he said. “We have lots of spare systems and they’ll be replaced. People may be critical of that and I can understand that, but the fundamental point is that we’re demonstrating this system working.” – (PA)

Worldspreads

The chief executive and co-founder of Worldspreads, Conor Foley, has said it plans to concentrate on growing its UK and international business following the sale of its Irish division, writes Suzanne Lynch.

In the first AGM since the spread-betting company sold its profit-making Irish division to a consortium led by Irish management, Mr Foley told shareholders yesterday in Dublin that the company is planning to explore new partnerships opportunities in 2010, particularly in Europe.

Mr Foley said he had no knowledge of any plans the new management team may have for the Irish business.

In August, Worldspreads announced it was to sell its Irish division for an estimated €11.3 million to a consortium including Brian O’Neill and Fergus Rice, former Worldspread Ireland executives, and other private and institutional investors including Merrion Capital.