Brendan Murtagh cuts Kingspan stake
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A surge in the share price to a seven-month high has convinced Kingspan Group co-founder and director Brendan Murtagh to cash in part of his stake.
Murtagh, who along with elder brother Eugene set up the Irish insulation board maker in 1972, sold 500,000 shares at €4.75 each, netting €2.4m.
The shares have jumped from a low of around €2 in February, having fallen from over €8 last September. Murtagh still owns 4.6m shares, or 2.8% of the business.
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Last month, Kingspan warned that trading in the first four months of 2009 had been "predictably tough" as customers remained reluctant to commit to newbuild construction projects.
Sales fell 34% to €350m and were down 39% excluding acquisitions, but the group expects some improvement in operating performance during the summer months.
The group has already scrapped its final dividend because of the tough conditions that caused a 70% plunge in full-year profit to €68.1m.
Two years ago, Murtagh pocketed nearly €90m from the sale of 2.4m shares at €20.05 each.
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