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Rothwell quids in from ICG stake sale

Irish Continental Group boss Eamonn Rothwell made a €1.2m paper profit by exercising and selling off stock options last week, after the company announced plans for a bumper share buy-back.

Mr Rothwell exercised and sold 100,000 options last week. Finance chief Gary O'Dea made a €256,000 paper profit by cashing in 37,500 options, with marketing chief Tony Kelly also making a €171,000 paper profit from options trading.

Last week, ICG saw its biggest one-day share price jump for more than three years as it announced that it would buy back as many as 111.5 million shares in the company at €18.50 per share.

This major share buy-back makes the decision by One51 to offload its 12.3pc stake in the company back in June look even more ill-timed. The investment company sold its 3.1 million shares when ICG was trading at around €14.92 per share, missing out on up to €11m from the share price rise. One51 had bought into the ferry company during a boomtime takeover battle, which turned sour.

ICG was also buoyed by the news that it was going to sell off its Feederlink subsidiary for around €29m.

Sunday Indo Business