Some of the biggest shareholders in market newcomer Athlone Extrusions sold substantial amounts of shares on the first day of trading last Thursday, with over 12 per cent of the total shares being sold to institutional investors.

According to notifications to the Stock Exchange, the family interests of Athlone's late managing director, Pat Ryan sold 3.4 million shares with the result that the family stake in the company has fallen from 27.4 per cent to just under 20 per cent.

The price was not disclosed but it is understood to be 102p, indicating that the family interests realised just under £3.5 million.