THE BATTLE for control of Independent News Media has seen the company’s free float fall by 8 percentage points, according to the latest free float data published by the Irish Stock Exchange (ISE) following its second-quarter review. The ISE introduced free float methodology for the calculation of Iseq equity indices last June. Under the new weightings, shares held by interested parties and long-term shareholdings that are unavailable in the market are excluded.

INM was the largest mover according to the review, which marked the completion of the Iseq’s first year as a free floatweighted index. INM’s free float was 46 per cent, down from 54 per cent. The calculation date was the last trading day of May.

INM chief executive Sir Anthony O’Reilly has been involved in a power struggle with businessman Denis O’Brien over governance of the company.

Mr O’Brien has built up a 25 per cent stake in the company.

Last Friday, Sir Anthony increased his stake in INM to 28 per cent after buying another 3.25 million shares in the company at a cost of €6.2 million. Directors of the company now hold 29.48 per cent.

The four other biggest changes to free floats were Abbey 58.53 er cent (previously 61.57 per cent); DCC 99.33 per cent (previously 96.32 per cent); Glencar 89 per cent (previously 86 per cent); and IFG 49.45 per cent (previously 51.96 per cent).

Of the 64 constituents, 16 free floats increased, 19 decreased while 29 remain unchanged.