Sir Anthony O'Reilly's Independent News & Media went back into the market for its own stock for the third time yesterday, sweeping up 1.5 million of its own shares in a buying round that brings its expenditure to €38 million in less than a week, writes Arthur Beesley.

The stock was acquired at €3.80 a share, 3 cents higher than when the group declared its first foray into the market last Friday. The shares closed another 3 cents higher at €3.81 last night, amid continued speculation that the group was buying up its own stock in an effort to prevent Denis O'Brien from adding to his 7 per cent stake.

After corporate governance research agents International Shareholder Services (ISS) called on investors to vote against a resolution on the beneficial ownership of group shares, Independent made a stock market statement to clarify its proposals.

While the group said similar clauses applied in companies such as Ryanair, C&C and Smurfit-Kappa, the proposed changes were widely interpreted as an effort to monitor closely any effort by Mr O'Brien to increase his stake.

The resolutions will be put to a vote of investors at an extraordinary general meeting this month immediately after the group's annual general meeting. Independent said the resolutions were circulated last month with copies of its annual report.

In its statement yesterday, the group referred to "erroneous" media commentary. The resolutions did not alter the existing notification thresholds, it said.

Restrictions on shares would only be relevant in limited circumstances, following the failure of a shareholder to respond to a request for disclosure of the beneficial owner of shares.

"The proposals would not require shareholders in IN&M with an interest above 0.25 per cent to notify the company of such interest," it said. The 5 per cent notification threshold for Irish listed companies applied to INM without modification. No lower threshold was proposed.

The group said the proposals would allow it to impose restrictions, including potentially withholding dividends and voting and attendance rights at general meeting, but only where shareholders failed to respond to a request for the disclosure of the beneficial owner.

"The 0.25 per cent reference is to the percentage interest below which restrictions would not apply," the group said.