Kingspan
chief executive
Gene Murtagh
earned a near €1.8 million profit through cashing in 200,000 share options
this week.
The Cavan-based manufacturer informed the stock market yesterday that on Wednesday Mr Murtagh exercised 200,000 share options at a price of €5.65 and sold them immediately at €14.50.
The transaction netted him a profit of €1.77 million. The option price valued the shares at €1.13 million, while he sold them for €2.9 million.
Final year
Mr Murtagh exercised the option as it was in its 10th and final year. According to Kingspan's 2012 annual report, the option would have expired on September 23th had he not taken it up before that date.
Mr Murtagh continues to hold 1.13 million shares in the insulation specialist, around 0.66 per cent of the group.
That stake was worth over €16 million at yesterday's closing price of €14.45.
Pre-tax profits
Earlier this week Kingspan reported that pre-tax profits in 2013 increased 13 per cent to €102 million from €90 million the previous year.
Revenues grew 9.5 per cent to €1.8 billion from €1.63 billion.
The group manufactures insulation products and flooring. It has businesses in Ireland, Britain, Europe, North America and Australia.
