TIMELINE OF HOW THE STORM BREWED... AND THEN HIT

SEPTEMBER 2016

INDEPENDENT News and Media announces its intention to buy the newspapers owned by Celtic Media. If successful, the deal will increase the number of regional newspapers owned by INM from 13 to 20. As with all media deals, it is referred to the Competition and Consumer Protection Commission.

NOVEMBER 2016

The acquisition of the Celtic Media group by INM is approved by the Competition and Consumer Protection Commission.

NOVEMBER 11, 2016

Communications Minister Denis Naughten indicates to Eoghan Ó Neachtain, director of public affairs at Heneghan PR, who works for INM, that he is likely to refer the media takeover bid to the Broadcast Authority of Ireland (BAI).

NOVEMBER 12, 2016

Nigel Heneghan, a colleague of Mr Ó Neachtain and managing director at Heneghan PR, sends an email to INM chairman Leslie Buckley with details of Mr Ó Neachtain’s conversation with the minister. Thirty-one minutes later, Mr Buckley forwards Mr Heneghan’s email to INM’s largest shareholder, Denis O’Brien.

DECEMBER 6, 2017

Asked about the proposed takeover in the Dáil, Mr Naughten lists the three different options open to him, but says: ‘It would not be appropriate for me to provide any further comment while this case is under consideration... I have not made my views known and I am not going to.’

JANUARY 4, 2017

Mr Naughten refers the proposed acquisition to the BAI to carry out an assessment of the planned merger and to provide a report and recommendations to the minister within 80 working days.

JUNE 2, 2017

INM announces that the proposed takeover of Celtic Media will not go ahead and that plans for the €4million deal were terminated by ‘mutual consent’. The announcement is made less than a week before Mr Naughten is due to make his final decision on the planned deal.

APRIL 16, 2018

The Office of the Director of Corporate Enforcement (ODCE) goes into the High Court to seek the appointment of inspectors to INM over corporate governance concerns.

APRIL 18, 2017

The Irish Times reveals that Mr Naughten’s conversation with Mr Ó Neachtáin forms part of the ODCE’s affidavit to the High Court. The ODCE has argued that the fact that it was passed on to Mr O’Brien may breach market abuse regulations.