Aryzta boss sells €3m worth of shares
Published 08/06/2014 | 02:30
Aryzta boss Owen Killian has sold close to €3.3m worth of shares in the listed croissant firm – his first sale of shares in years.
He sold almost 47,500 shares at a price of around €68, as shares in the company surged to record highs. This netted him around €3.3m before costs. He still holds around €52m worth of shares in the company. The Roscommon-born accountant is one of the highest paid executives of an Irish company, with a potential pay package approaching €6.95m last year.
Aryzta is also sitting on a vast bonus pot, subject to hitting some ambitious earnings targets. While Mr Killian figured it was a good time to cash in some of his stake, board member Hugh Cooney felt it was time to buy, lashing out close to €68,000 on 1,000 shares.
Last week Goldman Sachs slapped a 'sell' recommendation on Aryzta following huge gains in recent months. Credit Suisse analysts have indicated that Aryzta's future growth may be dependent on buying up its rivals.
Earlier this year Aryzta agreed to acquire 100 per cent of both Pineridge Bakery in Canada and Cloverhill Bakery in the US. The combined consideration of these acquisitions was €730m.
Sales at Aryzta rose by by 5.7 per cent in first six months of the year as the food group reported "excellent progress" and indicated it was eyeing up further acquisitions.
Aryzta was formed by the €2bn merger of the former Irish Agricultural Wholesale Society and Swiss baking group Hiestand in 2005.
Sunday Indo Business