Indie heads for dock.. .
THE BATTERED ship Newspaper Pub- lishing — 'Old Indie' — alters course, with Tony O'Reilly's Zero still embedded in her funnel. Mr O'Reilly (as I noted at the time) staged the first ever kamikaze dawn raid a costly manooevre, as we can now see, causing widespread disruption, but not yet affecting the steering. She seems to be making for the docks. To have got so far is a triumph for Ian Hay Davison, who last year took over as chairman from the poly- mathic Lord Dahrendorf and brought a much-needed professionalism to the job. His Spanish and Italian shareholders, with 35 per cent of the company, wanted con- trol. His British shareholders, who had put up the original capital, wanted a way out. These wishes were incompatible and nei- ther looked like being granted. Their chances dimmed as the company ran into serious losses and showed every sign of being strapped for cash. In these unpromis- ing conditions, Mr Davison contrived to work up an auction for the company, even if some of the offers seemed to come off the wall and others, like Mr O'Reilly's, out of the air. The sellers can scarcely believe their luck, or their price. As for Mr Davi- son, his work is done, he will move on and there will be a vacancy. Fain I.
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