Eircom's four executive directors - Mr Philip Nolan, Mr Peter Lynch, Mr Cathal Magee and Mr David McRedmond - have between them sold shares worth €1.7 million in the firm's flotation. Una McCaffrey reports.

The four directors have retained a combined holding that was worth €5.2 million at last night's closing price of €1.53 per share.

Eircom floated at €1.55 but traded beneath this level for most of yesterday afternoon.

Two non-executive directors - Mr Con Scanlon and Mr John Conroy - sold shares worth a combined €292,000 and retain a holding worth about €476,000.

Neither Mr Scanlon, who chairs Eircom's Employee Share Ownership Trust (ESOT), nor Mr Conroy, who is the ESOT's board nominee, paid for the shares they held going into the flotation.

The largest director sale was made by Eircom's chief executive, Mr Nolan, who sold shares worth €1.09 million and retained shares that were worth about €2.9 million at last night's price.

Chief financial officer Mr Lynch and Mr Magee, who heads the firm's retail business, both sold shares worth €217,000 and held on to stock worth €856,000.

Mr McRedmond, Eircom's commercial director, raised €162,000 by selling shares yesterday and held on to shares worth €642,000

Mr Scanlon made a gain of €219,000 on the shares he sold and was the owner of shares worth €357,000 last night.

Mr Conroy's holding was worth €119,000 as the market closed. He sold shares worth €73,000 in the flotation.

Under the rules surrounding the flotation, none of the directors will be able to sell any more shares for the next six months.