DENIS O’BRIEN has acquired a 1.3 per cent direct shareholding in Australia-based media group APN News Media, in which Dublin-based Independent News & Media (IN&M) holds a 30.96 per cent stake.

Mr O’Brien paid $6.65 million Australian dollars on Tuesday to acquire 8.24 million shares in APN.

The shares were bought by Baycliffe Ltd, an Isle of Man-based investment vehicle controlled by Mr O’Brien.

Under stock exchange rules, Mr O’Brien is now considered to have voting powers over 32.3 per cent of APN’s stock by virtue of IN&M’s holding in the company and Mr O’Brien’s significant stake in the Irish media group.

Mr O’Brien is IN&M’s biggest shareholder with a holding of almost 22 per cent.

It is not clear why Mr O’Brien has decided to acquire his own personal holding in APN.

Some suggest that it is a value play. APN’s share price has been impacted following a dent in its trading caused by floods in Queensland and earthquakes in New Zealand.

Australian media yesterday suggested that Mr O’Brien might seek to appoint a board representative.

Mr O’Brien has spoken positively in the past about APN and its operations, and he opposed moves by IN&M to offload its stake in the business.

APN is chaired by Gavin O’Reilly but INM’s influence on the board has waned since a shake-up in its composition last year.

The Australia-based company is no longer considered an associate of IN&M. This means its results are not consolidated within IN&M’s annual accounts.