Paddy Power backers sell off shares
Published 04/09/2011 | 05:00
BOOSTED by marketing power of footballer mistress Imogen Thomas's bum, Paddy Power reported massive increases in profits last week.
Shares soared and two key backers of the €1.5bn-valued Paddy Power offloaded more than €7.5m worth of shares.
David Power, the largest individual shareholder, sold €2.4m worth of shares, while former operations head Jim Mangan offloaded 150,000 shares valued at around €5.1m. Power still has a near 8 per cent stake worth about €140m, with Mangan holding shares worth €15.3m.
Paddy Power signed up Thomas in a promotional deal after details of her tryst with Manchester United's Ryan Giggs emerged over the summer.
Sunday Indo Business