Eugene Murtagh sells €30m worth of shares in Kingspan

Kingspan founder and chairman Eugene Murtagh senior sold €30 million worth of shares in the insulation maker on Monday, according to a formal notice to the markets.

Mr Murtagh sold one million shares in the group for €30 each on Monday. Following the disposal he held 29 million shares, and remained as the company’s biggest stock holder with 15.85 per cent. At Tuesday’s closing price of €29.80, those shares were worth €864 million.

The next largest investors are institutions Ameriprise Financial and Allianz Global, which hold 10.6 million shares or 5.95 per cent each.

Mr Murtagh last sold shares in March 2012, when he disposed of 5.12 million units for €8 each.

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Directors cannot sell any shares that they hold in a company in the weeks before it reports financial results.

Last month the company reported that pre-tax profits rose 33 per cent in 2016 to €341 million. Sales grew 12 per cent to €3.1 billion, and the group is proposing to pay shareholders a dividend of 33.5 cent a share.

Mr Murtagh, whose son Gene Murtagh is now chief executive, founded Kingspan in a small premises in Kingscourt, Co Cavan, more than 40 years ago. The group, which remains based in the town, is one of the biggest multinational players in its industry.