Why is Nick Furlong investing in Providence and INM?

The decision by the media-shy head of Pageant Holdings to buy into two of Ireland’s most troubled public companies has puzzled observers

Judge an investor not by his entry to an investment, but by his exit. It’s an old saying in the investor world, and yet the recent moves by low-key investor Nick Furlong to buy into two of the Irish stock exchange’s most troubled companies, Providence Resources and Independent News and Media, has left many scratching their heads.

The two companies have struggled in recent years – just last week, Leslie Buckley stepped down ...