Three Paddy Power directors netted around €9.5 million in a share placing completed after the company reported a strong set of results yesterday.

The company said last night that Goodbody Stockbrokers and Investec had placed 3.18 million shares with Irish and institutional investors at €9.70 per share.

The shares were placed on behalf of institutional and individual shareholders, earning them €30.8 million. The company, which has cash balances of €51.6 million and no need to raise money, was not involved.

Chief executive Mr John O'Reilly exercised 600,000 share options at €1.16 each and sold them, making a net gain of €5.12 million. Non-executive director Mr Stewart Kenny exercised 720,000 options at the same price and sold 500,000 for a net gain of €4.27 million. Finance director Mr Ross Ivers exercised 30,000 options at €3.59 and sold them for a profit of €183,300.