The Irish Press group plans to proceed with new media-related investments following the settlement of its High Court action against investment bankers EM Warburg Pincus.
Irish Press told shareholders in its latest annual report that the case had been settled for €7.6 million, or about €6.8 million once costs were excluded.
Speaking yesterday, Irish Press managing director Mr Eamon de Valera said that the company's focus would be on future development, specifically "investing in suitable businesses".
In the annual report, chairman Mr Vincent Jennings said that management "continues to explore opportunities to invest in other media-related enterprises".
"At the time of writing, two possibilities are under serious investigation," said Mr Jennings.
Mr de Valera declined to elaborate on the nature of interests under consideration, noting only that the company was "active in this regard".
The group's principal investment is a 59 per cent stake in local radio station Tipp FM, an interest boosted in the course of the year by the purchase of a 29.5 per cent holding for €274,000.
Mr de Valera said that the €7.6 million settlement with Warburg Pincus had been made on the basis that "a bird in the hand is better than several in the bush".
He said that a larger award might have been achievable had the action run its course but this would have almost certainly resulted in a Supreme Court appeal, which would have further extended a process that commenced more than six years ago.
"The issue for us was to move on," said Mr de Valera.
The court action involved a claim for an estimated €60 million. Irish Press maintained that it had received representations from Warburg Pincus that resulted in the publishing group entering a joint-venture arrangement with companies owned by American newspaperman Mr Ralph Ingersoll.
The Irish company alleged that Warburg Pincus was fully aware and failed to disclose that the Ingersoll companies were in financial difficulties, nearing a state of collapse. Warburg Pincus denied the Irish Press claims.
Irish Press plc was the majority shareholder in Irish Press Newspapers, which published three national titles.
Last year, the company made an after-tax profit of just less than €6 million, the bulk of this attributable to the legal settlement.
