Paddy Power co-founder sells €7m of shares as profit falls
Published 04/03/2010 | 05:00
Paddy Power co-founder David Power sold shares worth more than €7m in the group yesterday following the release of annual results that showed the betting firm's operating profit fell 15pc last year.
Mr Power sold 300,000 shares at a price of €23.54 each, netting him €7.06m.
A non-executive director, he retains nearly four million shares in the group, representing just over 8pc of the company's outstanding stock.
Based on yesterday's closing share price of €23.32, those shares are worth €91.6m.
Other directors and senior staff members also sold hundreds of thousands of euro worth of shares in the group yesterday.
They included finance director Jack Massey, who offloaded 15,000 shares worth €359,000.
The head of Paddy Power's UK retail arm, Andy McCue, exercised options to acquire and dispose of 25,000 shares for a gain of €239,000.
He also sold a further 13,556 shares at €23.95 for a total of more than €324,000.
Marketing director Barni Evans sold 31,518 shares for €755,000, while head of risk, Dermot Golden, sold the same number of shares for the same amount.
Chief technology officer John O'Donnell sold 16,000 shares for €383,000.
Senior directors, including chief executive Patrick Kennedy, also received a number of share options on Tuesday under the group's long-term incentive plan, while other options vested for directors.
Paddy Power this week reported a 15pc decline in pre-tax profit to €67.2m during 2009. Betting turnover rose 31pc, and 36pc in constant currency terms, to €2.75bn.
The company's profits had been hit by a slew of results that went in favour of its customers, having offered better deals to lure those customers.