The two sons of Mr Brendan Murtagh, who resigned as a director of Kingspan following revelations of possible insider share dealings by people connected with him, "will be suspended' from their positions in Kingspan, according to a company spokesman, writes Bill Murdoch. The "suspensions" will take effect from January 1st, and will be "indefinite", the spokesman said.
The sons, Mr Alan Murtagh, and Mr Fergal Murtagh, both in their twenties, are in junior management positions. The share dealings were in a targeted takeover company, Hewetson plc, which this week received a bid of £37.1 million from Kingspan. That represents 200p sterling (£2.24) per share.
The dealings in Hewetson shares were made in the name of the wife of one of the sons and in the name of a close friend of the other son, after Kingspan had begun due diligence and signed a confidentiality agreement with Hewetson. On November 24th, 20,000 shares in Hewetson were purchased in the name of Ms Nicky Shiers, the wife of Mr Alan Murtagh, at 137.5p sterling per share.
On the following day, 13,000 shares in Hewetson were purchased in the name of Ms Kathryn McFadden, a close friend of Mr Fergal Murtagh, at 142p per share.
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