Kingspan director sells €2.8m of shares
Published 26/05/2016 | 02:30
Senior Kingspan director Russell Shiels has sold €2.8m worth of shares in the Cavan-based insulation maker, filings with the Stock Exchange show.
Mr Shiels exercised options and also sold part of his existing holding in the group. He retains shares worth €7.3m in the company, however.
The stock exchange filings show that Mr Shiels, who heads up Kingspan's access flooring and insulated panels business in North America, exercised 45,000 options under the 2008 performance plan, at just 13 cent each. He sold them at €24.81 each, for a pre-tax gain of €1.1m.
He also sold 68,307 shares for €24.83 each, giving a pre-tax gain of just under €1.7m.
Kingspan's group chief financial officer, Geoff Doherty, also exercised share options last week.
He exercised 55,000 options that were granted under a 2008 performance plan. They were exercised at 13 cent each and sold for €24.51 each, making for a pre-tax gain of €1.3m.
At its annual general meeting earlier this month, a third of shareholders rejected a resolution to approve the directors' remuneration.
"The issue that seemed to arise was that there was a change in one of the incentive packages mid-year," said chief executive Gene Murtagh.