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Grafton chairman sells €13m in shares

Michael Chadwick, the low-key chairman of Woodie's DIY owner Grafton Group, has sold €13m worth of shares in the company.

A statement filed with the stock exchange on Thursday 30th May shows that Mr Chadwick sold 2.44 million shares at €5.35 apiece. Before tax, that yielded just over €13m.

Mr Chadwick still owns over 19.6 million shares in the company, valued at €106m based on yesterday's share price of €5.41. Those shares represent 8.46pc of Grafton Group's outstanding shares.

He also controls an additional 2.49 million shares as executor of an estate.

Mr Chadwick was executive chairman of Grafton Group until 2011 and now serves in the role in a non-executive capacity. The company's chief executive is Gavin Slark.

Soon after he stepped into the non-executive position, Mr Chadwick transferred €5m worth of Grafton shares to his wife.

The value of Mr Chadwick's shares in the company has recovered significantly over the past year, with the stock having doubled in value.

Underlying operating profit rose 33pc to €72.9m in 2012. The company had predicted a figure of at least €70m. Revenue rose by 6pc to €2.2bn.

Grafton, which has a market capitalisation of €1.2bn, generates about 75pc of its revenue and profits in the UK.

Source : John Mulligan – Irish Independent

03 June 2013
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