Irish Press hopes to buy radio station

Irish Press plc is in negotiations to buy a controlling interest in County Tipperary Radio - which operates Tipp FM - for an undisclosed sum.

Chairman Mr Vincent Jennings told the almost 20 shareholders attending the company's annual meeting yesterday that it hoped to increase its share in the radio station from 30 per cent to 60 per cent if the Broadcasting Commission of Ireland approved the deal.

Mr Jennings said it would be inappropriate to discuss the amount of money involved in the transaction at this stage but it would be disclosed in next year's annual report.

Irish Press acquired its 30 per cent interest in the Co Tipperary radio station in 1999 for £225,000 (€285,700). The station's licence falls due for renewal at the end of the year and it is hoping to be able to broadcast throughout the county with its new licence, according to Mr Jennings.

He told shareholders a deal should be finalised by the end of 2001 that would give Irish Press effective control of the station.

He also confirmed to shareholders that a High Court action involving Irish Press plc and US Investment Bank E.M. Warburg Pincus would begin on January 15th, 2002.

The meeting was overshadowed by tensions between the board and the shareholders in attendance who, some six years on, continued to berate directors over the closure of the newspaper group.

Mr Jennings also angered shareholders by refusing fully to answer questions on the company accounts. He accused one, Mr Neil Duggan, of "nit-picking" when he sought answers about the company's investment portfolio.

Mr John Power said he came to the meeting every year in the hope that there would be news of a possible relaunch of the Irish Press newspapers.

Mr Jennings said that while nothing would give the board greater pleasure than to make such an announcement, the cost would be enormous.

The company has received one approach from a solicitor representing a potential investor about buying the titles. He said this was two or three months ago and there had been no follow-up. Mr Jennings noted, though, that he was not convinced that handing over the titles without the de Valera influence would work.