Tom Grace, senior independent director of Paddy Power, has cut his stake in the Irish bookie, which has seen a rally in the share price since February.
Grace, a former Irish rugby international and the treasurer of the Irish Rugby Football Union, sold €165,000 worth at €10 per share. Grace joined the Paddy Power board in 2006. Paddy Power's share price has picked up after an upbeat trading statement in May.
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