Brendan Murtagh cuts Kingspan stake

10th Jun 2009 16:53

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.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.Top Director BuysSVM Global Fund (SVG) Director name: Mr Senator Shane P N RossAmount purchased: 50,000 @ 240.00p Value: £120,000StatPro Group (SOG) Director name: Mr Mark Charles FairbairnAmount purchased: 108,000 @ 75.00p Value: £81,000John Menzies (MNZS) Director name: Mr Paul B DollmanAmount purchased: 34,843 @ 134.00p Value: £46,690Advanced Medical Solutions (AMS) Director name: Mr R Stephen HarrisAmount purchased: 79,270 @ 25.00p Value: £19,818Aurora Inv Trust (ARR) Director name: Mr M J BarstowAmount purchased: 15,000 @ 123.50p Value: £18,525Tarsus Group (TRS) Director name: Mr Douglas EmslieAmount purchased: 17,647 @ 102.00p Value: £18,000ISIS Property Trust (IPT) Director name: Mr Peter CrookAmount purchased: 18,000 @ 76.00p Value: £13,680Aurora Inv Trust (ARR) Director name: Mr M J BarstowAmount purchased: 10,000 @ 121.00p Value: £12,100Top Director SellsKingspan Group (KGP) Director name: Mr Brendan MurtaghAmount sold: 500,000 @ € 4.75 Value: € 2,375,000Jardine Matheson (Singapore) (JAR) Director name: Mr Adam Phillip Charles KeswickAmount sold: 20,000 @ $24.98 Value: $499,680Scottish & Southern Energy (SSE) Director name: Mr Alistair Phillips-DaviesAmount sold: 27,448 @ 1,140.60p Value: £313,072Scottish & Southern Energy (SSE) Director name: Mr Ian MarchantAmount sold: 21,393 @ 1,140.60p Value: £244,009Robert Wiseman (RWD) Director name: Mr William G KeaneAmount sold: 33,802 @ 377.10p Value: £127,467Robert Wiseman (RWD) Director name: Mr David DobbinsAmount sold: 33,802 @ 377.10p Value: £127,467Scottish & Southern Energy (SSE) Director name: Mr Gregor AlexanderAmount sold: 10,821 @ 1,140.60p Value: £123,424General Electric (GEC) Director name: Mr Keith S. SherinAmount sold: 6,293 @ € 9.84 Value: € 61,955StatPro Group (SOG) Director name: Mr Mark Charles FairbairnAmount sold: 90,000 @ 75.00p Value: £67,500John Menzies (MNZS) Director name: Mr Paul B DollmanAmount sold: 25,485 @ 126.00p Value: £32,111