McInerney shares block placed

 

FOUR Seasons Country Club (Estates), a former creditor of McInerney Properties, has placed its 942,857 new 10p ordinary shares in McInerney Holdings, at 35p per share. It received the block as a part of the group's restructuring.

Two directors of McInerney Holdings, Mr Barry O'Connor and Mr Daniel McInerney, respectively acquired in the market, 214,286 and 24,732 shares, at 35p per share, as part of a put-through on Monday, according to a company statement.

The statement does not indicate who took up the remaining shares. However, they are understood to have been taken up by other McInerney managers.

At the time of the restructuring, Four Seasons is understood to have received a verbal commitment that the shares it received would be placed at 35p each.

Subsequently, the McInerney management agreed to buy the shares at 35p each, the same price as the placing and open offer to the original McInerney shareholders, which raised £6 million, according to informed sources.

Dealings in the new shares started at 45p on Monday morning. They were trading at 47p yesterday. Mr O'Connor, group managing director, now holds 428,572 ordinary shares and Mr McInerney has 240,784.