News

Paddy Power's co-founder Stewart Kenny spent more than €300,000 lifting his stake in the Irish bookmaker, the company announced today.

Kenny, who is a non-executive director, took 23,683 shares at €12.70 a time, and now has 438,505 shares, which is nearly 1% of the company.

The purchase came the day after he took 6,990 shares at €12.47 a time and only a few days after he took 4,000 shares at €13.26.

Paddy Power's share price has fallen sharply since the end of last month when it lowered its profit estimates for the coming year, blaming poor results and the economic slowdown in Ireland.

Kenny founded Paddy Power in 1988 with David Power, who is also still on the company's board.

He trained with Ladbrokes in London for two years before establishing a chain of betting shops, Kenny O'Reilly Bookmakers.

He sold that business to Coral in 1986 and subsequently re-entered the bookmaker business, opening ten betting shops between 1986 and 1988.

He was group chief executive of Paddy Power from 1988 to 2002, and chairman from 2002 to 2003.
Top Director Buys

Allied Irish Banks (ALBK)
Director name: Mr Dermot O F Gleeson
Amount purchased: 50,000 @ € 6.47
Value: € 323,500

Paddy Power (PAP)
Director name: Mr Stewart Kenny
Amount purchased: 23,683 @ € 12.70
Value: € 300,774

Heritage Oil (HOIL)
Director name: Mr Michael Hibberd
Amount purchased: 75,000 @ 182.00p
Value: £136,500

New World Resources (NWR)
Director name: Mr Paul Everard
Amount purchased: 10,000 @ 940.00p
Value: £94,000

Inchcape (INCH)
Director name: Mr Graham Pimlott
Amount purchased: 10,000 @ 231.50p
Value: £23,150

W H Ireland (WHI)
Director name: Lord Marland
Amount purchased: 20,000 @ 90.00p
Value: £18,000

Chesnara (CSN)
Director name: Mr Peter W Mason
Amount purchased: 15,000 @ 115.80p
Value: £17,370
Top Director Sells

Soco International (SIA)
Director name: Mr John C Snyder
Amount sold: 100,000 @ 1,403.00p
Value: £1,403,000

BATM Advanced (BVC)
Director name: Mr Ariella Zochovitzky
Amount sold: 100,000 @ 53.50p
Value: £53,500