Pat McCann buys shares in Glenveagh

New non-executive director spends €44,520 on purchase

Pat McCann is the chief executive of Dalata, the State’s largest hotel group. Photograph: Maxwell Photography

Pat McCann is the chief executive of Dalata, the State’s largest hotel group. Photograph: Maxwell Photography

 

Recently installed Glenveagh Properties director Pat McCann has bought €44,520 worth of shares in the company.

Mr McCann, who was appointed as a non-executive director last month, bought 70,000 shares at a price of 63.6 cent each, a 1.4 per cent premium to Tuesday’s closing price. The shares have since risen to 64.5 cent apiece.

The move by Mr McCann, who is also the chief executive of listed hotel group Dalata, is another mark of confidence in the housebuilder following the news that its chief executive, Justin Bickle, was leaving the company.

After that announcement, company chairman John Mulcahy paid €123,000 for 200,000 shares at a price of 61.5 cent each.

Mr Mulcahy’s share purchase came just above Glenveagh’s record low, hit on August 23rd when shares were trading for €0.598 apiece. Shares in the company have previously traded as high as €1.233.