Royal & Sun Alliance has emerged as the big seller of Golden Vale shares last Monday and Tuesday, and confirmed yesterday that it sold its entire holding of 8.05 million shares - 5.01 per cent of the total Golden Vale equity. It is understood that the shares were sold through Goodbody Stockbrokers to a group of Irish institutional investors at 75p a share.

It is understood, however, that the buyers did not include International Investments & Underwriting, the investment vehicle of financier Dermot Desmond. Mr Desmond's company has built up a 8 per cent stake in Golden Vale over the past year, but paid substantially less than the 75p a share that other investors paid for the Royal & Sun Alliance shareholding.

Prior to the sale, IIU was the biggest shareholder with 8 per cent, followed by Irish Life with 4.9 per cent and Norwich Union with 3.6 per cent.