Glenveagh boss buys €132,950 worth of shares

Stephen Garvey acquires 200,000 shares in the housebuilder

Glenveagh Properties chief executive Stephen Garvey. Photograph: Fennell Photography

Glenveagh Properties chief executive Stephen Garvey. Photograph: Fennell Photography

 

Glenveagh Properties boss Stephen Garvey has picked up 200,000 shares in the company at a cost of €132,950.

Mr Garvey, the recently installed chief executive of the residential housebuilder, notified the Irish Stock Exchange on Monday that he had bought the shares at a price of 66.4 cent each. Shortly after 9am on Monday, shares in the company were trading at 68.6 cent apiece.

Purchases

The disclosure follows two other announcements over the past fortnight in which other directors confirmed they had acquired shares. Dalata chief executive Pat McCann, a non-executive director at the homebuilder, last week bought 70,000 shares at a price of €44,520.

Before that, the company’s chairman, John Mulcahy, acquired 200,000 shares at a cost of €123,000.

The share purchases come in the wake of news that former chief executive Justin Bickle left the company in August, a revelation that saw Glenveagh’s share price fall to a record low of 59.8 cent a share.