Monday 23 April 2018

Readymix bid boosts McAteer's wealth

The takeover approach for €30m-valued cement firm Readymix has seen shares owned by former Anglo Irish Bank number two Willie McAteer soar over the last week.

Last week, shares in Readymix jumped more than 40 per cent.

McAteer's Fastrock Holdings is listed as owning almost 200,000 shares in Readymix for a decade. At the peak of the market these shares wold have been worth nearly €600,000.

Other long-term shareholders of the cement company include Grafton boss Michael Chadwick, the Church of Ireland and Desmond Guinness.

The share register also reveals a large number of well-known names, including CRH chairman Kieran McGowan, Spar magnate John Clohisey and Citroen tycoons Gemma and Michael Maughan, who have either sold out or no longer hold shares in their own name anymore.

Separately, an investigation by the Sunday Independent can reveal that huge numbers of Readymix shares were traded in the days before the takeover announcement was made last Wednesday.

The previous Friday saw the heaviest trading in Readymix shares for almost a year. The stock exchange is likely to probe this activity as it came before a major announcement.

Sunday Independent

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