Shares probe ‘will clear ex-ISEQ boss’

AN investigation into the share dealings of a former Irish Stock Exchange director will uncover no impropriety, it was predicted last night.

Alltracel Pharmaceuticals’ chief executive Gerard Brandon confirmed yesterday that the London Stock Exchange is investigating the purchase of shares in Alltracel by company chairman Padraic O’Connor.

However, Mr Brandon said the investigation was routine in nature, and that he is confident that no impropriety has taken place in what he described as the perfectly legitimate purchase of shares by Mr O’Connor.

Mr O’Connor bought 100,000 AIM listed Alltracel shares between September 11 and September 16 at prices between 28.95p and 29½p a share, paying a total of £29,225 for the equally sized blocks of shares.

Mr Brandon said the shares were purchased outside the company’s closed period, and after the company issued an upbeat trading statement on September 4 when the company confirmed strong 2003 half year interim results with turnover up more than 40% and margin improvements.

On October 2 Alltracel issued a statement disclosing it had secured US nationwide listings at Drug Store giants Rite-Aid, and CVS for its SEAL-ON and m-doc brands.

Following the announcement Alltracel share values rose by 15% returning a near £10,000 paper profit for Mr O’Connor.

Since May, Mr Brandon said, Alltracel shares have risen steadily with a flow of good news from the company.