Executive sells out to fund separation

A SENIOR executive with a Dublin-based pharmaceutical company has sold his entire stake in the firm to fund the separation from his wife.

Noel Toolan, the chief marketing office with Alltracel Pharmaceutical, told the London Stock Exchange yesterday he sold 563,329 shares in the company at 26p per share, raising £146,465 (€212,000).

“Mr Toolan is selling these shares pursuant to obligations consequent upon recent separation from his wife,” Alltracel told the stock exchange in a statement yesterday.

“Following this sale Mr Toolan’s total shareholding is nil.”

Mr Toolan is well-known in business circles, have worked for 15 years in senior positions in various companies, including Iona Technologies, where he was vice-president of marketing, and is a previous worldwide marketing head at Baileys. He also spent three years as head of marketing at the Irish Tourist Board.

Separately yesterday, Alltracel, which develops first aid products, said the Blass family had offloaded all their shares in the company for more than €1.4 million.

The family took a stake in the company in return for selling control of their Westone dental care business in Britain to Alltracel last month. All the shares were bought by institutional and private clients of Alltracel broker Davy.

Shares in Alltracel were unchanged yesterday at 27p.