Conduit did well for early investors

Mr Eddie Kerr and Mr Liam Young - the founders of telephone assistance group, Conduit, weren't the only ones to make a bundle…

Mr Eddie Kerr and Mr Liam Young - the founders of telephone assistance group, Conduit, weren't the only ones to make a bundle when Conduit floated on the Neuer Markt last week.

Conduit mightn't have sparkled exactly since the €16 (£12.60) a share flotation, but many of the great and the good of Irish business, law and sports have done very nicely out of their private investment in Conduit last August.

The price they paid for their shares back then has not been disclosed, but it's pretty safe to assume that they are sitting on a decent gain after the flotation at €16 a share.

Conduit's solicitor and non-executive director, Mr Laurence K. Shields of the eponymous legal firm, is king of the Conduit private investors owning more than 475,000 shares worth over £6 million. On top of that Mr Shields's legal firm got more than £230,000 in fees from Conduit, while the lawyer also owns 35 per cent of a consortium which got more than £240,000 in rent from Conduit itself.

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The other members of this landlord consortium are Mr Eddie Kerr, Mr Liam Young and another Conduit director Mr Michael Tunney.

Another lawyer doing very nicely is barrister Mr Colm Allen, whose clients include the Bailey brothers of Bovale renown. Allen owns Conduit shares worth £1.1 million. And just to show that money follows money, another who owns £1.1 million worth of Conduit is Mr John Kerry Keane, who is in the process of trousering £28 million of Scottish Radio's money for his Kilkenny People empire.

Ms Carol Moffett showed her financial acumen when she sold her engineering business to Powerscreen for £23 million a few months before the debacle at Powerscreen hit the headlines. The Monaghan businesswoman - a director of AIB since 1995 - owns £2.7 million worth of Conduit, while the Gowan car distribution group headed by Mr Michael and Gemma Maughan owns £2.7 million worth. Gandon's Mr Michael Cullen has £800,000 worth of shares.

Less well-known but owning almost £5 million of Conduit is another founder-director Ms Christine Donaghy, while Enterprise Ireland's investment boss Mr Gerry Moloney boosted his portfolio very nicely; the agency's 4 per cent of Conduit is worth a handy £9.4 million.

Conduit's advisers did wonderfully well with underwriters Merrion Stockbrokers, Commerzbank and Landesbank Baden-Wurttemburg splitting £2.4 million in commissions. Another £1.4 million in fees was divided between three sets of lawyers in Dublin, London and Frankfurt, accountants Deloitte & Touche as well as Bankers Trust and Deutsche Bank.