Brendan Murtagh sells 1.4pc of Kingspan for €90m
KINGSPAN co-founder and director Brendan Murtagh fetched almost €90m by selling 2.4m shares, or a 1.4pc stake, in the group.
The placement, at €20.05 a share, handled by Goodbody Stockbrokers, sees Murtagh lower his holding in Kingspan from 4.2pc to 2.8pc, market sources said.
Kingspan and Goodbody both declined to comment, but a stock market announcement is expected to confirm the shares disposal over the coming days.
Bankroll
Shares in the Cavan-based group ended yesterday's session in Dublin down 3.6pc at €20.13.
It is believed that Murtagh, the head of corporate development at Kingspan, will use the money to bankroll his fledgling career as something of a corporate rescuer.
Murtagh was a leading player behind a £50m (€73.7m) rescue package for troubled discount British supermarket group Kwik Save - hours before administrators were due to be called in last February.
The cash injection was seemingly not enough.
The 200-store chain, which last week announced it is to close 79 locations, is reportedly set to face the administrators if a complete refinancing is not completed by this Friday.
It is speculated that Murtagh is considering participating in the new cash call.
A clear indication of the businessman's resolve was seen in the recent appointment of his son Alan as a director of the supermarket.
Vehicle
Elsewhere, Murtagh saved Smart Telecom from near-collapse last October by offering a nominal sum of €1 to take over the company through a vehicle called Calally.
The deal saw Calally take on the beleaguered company's €45m debt mountain.
Murtagh is the largest shareholder in fast-growing property company Howard Holdings, which is involved in €4bn worth of developments across Europe.
Kingspan was founded by Murtagh and his brother Eugene in 1972.
Eugene, who handed over the reins as chief executive to his son Gene in 2005 to become chairman, owns 20.7pc of the group.
- Tom McEnaney and Joe Brennan
