A number of high net worth individuals have seen dramatic falls in the value of their assets in recent days. The fall in share values in Dublin yesterday wiped some £30 million off the value of Dr Tony O'Reilly's shares in Independent Newspapers. But the recovery on Wall Street meant that most of his initial paper loss of £16 million on his holding in foods group, Heinz was clawed back.
Heinz shares hit a low of $44 1/2 in the US in early trading yesterday before bouncing back as the market rose to $47 1/2. Yesterday's movements followed a $2 fall on Monday to $46 1/4. Dr O'Reilly has six million shares in the group. His paper losses between Monday and early trading yesterday were about £16 million. But the recovery on Wall St reduced those losses to about £4 million by close of business.
Independent shares fell 45p to 355p, reducing the market value of the company from £984 million to £874 million or 11 per cent. Dr O'Reilly owns 66.5 million Independent shares or 27 per cent of the company. At Arcon, where Dr O'Reilly owns 44 per cent of the company, the value of his stake has fallen by just under £9 million. Arcon shares fell 7p yesterday to close at 37p. Dr O'Reilly is also nursing losses on his direct and indirect holdings in Waterford Wedgwood, where the shares have fallen 8p to 76p. The 29p fall in Jefferson Smurfit Group shares wiped just under £21 million off the value of Dr Michael Smurfit's holding in the group. Dr Smurfit owns 71.7 million shares, or 6.7 per cent of the group. Smurfit shares closed at 188p yesterday.
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