Power directors offload shares worth €15m after lock-in period

Six directors of bookmaking group Power Leisure and three institutional investors have sold more than €15 million (£12 million) worth of Power shares following the expiry of the lock-in period that was part of last November's flotation. Just over 4.3 million shares were placed with institutional investors yesterday by Goodbody and ING Barings at €3.59, a 13 per cent discount on the price in the market.

The biggest beneficiary was Power chairman Mr John Corcoran, who sold just under one million shares for a total of €3.5 million, although he still owns almost seven million shares or 14.8 per cent to the total.

Chief executive Mr Stewart Kenny sold 614,000 shares for €2.2 million while Mr David Power sold 500,000 shares for €1.8 million.

Mr Peter O'Grady Walshe sold almost 120,000 shares for €430,000, Mr John O'Reilly sold 108,000 shares for €390,000 and Mr Edward McDaid sold 13,167 shares for €47,000.

Power's venture capital backers when it was a private company have used the end of the lock-in period to realise some of their investment. HgCapital - formerly Mercury Private Equity - sold 557,000 shares for €2 million but has retained a 6.7 per cent stake. ICC Bank sold 353,000 shares for €1.27 million and reduced its stake to 4.3 per cent. Bank of Ireland sold 628,000 shares, taking its stake down to 7.6 per cent.

The directors and investors, who sold shares yesterday, are now prevented from selling any more shares until after the publication of Power's results for the half-year to the end of June 2002.