Eugene Murtagh sells €30m worth of shares in Kingspan
Kingspan chairman sold one million shares in group for €30 each on Monday
Eugene Murtagh: he last sold shares in March 2012, when he disposed of 5.12m units for €8 each
Mr Murtagh sold one million shares in the group for €30 each on Monday. Following the disposal he held 29 million shares, and remained as the company’s biggest stock holder with 15.85 per cent. At Tuesday’s closing price of €29.80, those shares were worth €864 million.
Mr Murtagh last sold shares in March 2012, when he disposed of 5.12 million units for €8 each.
Directors cannot sell any shares that they hold in a company in the weeks before it reports financial results.
Last month the company reported that pre-tax profits rose 33 per cent in 2016 to €341 million. Sales grew 12 per cent to €3.1 billion, and the group is proposing to pay shareholders a dividend of 33.5 cent a share.
Mr Murtagh, whose son Gene Murtagh is now chief executive, founded Kingspan in a small premises in Kingscourt, Co Cavan, more than 40 years ago. The group, which remains based in the town, is one of the biggest multinational players in its industry.