Iseq down as Anglo Irish announces three million share placement

The ISEQ index of Irish shares finished down 47.69 points on 5112.29.

Tuesday was a busy day with shares in Anglo-Irish Bank dropping to €13.35 down 40c after news of a major share placement.

Earlier, Anglo Irish Bank announced that it would be placing three million shares as outgoing Chief Executive is to sell just under 50% of his stake in the company at around €13.50 per share.

The sale of these two million shares will net Fitzpatrick around €27m ahead of his retirement at the end of the year.

The company also announced that the head of Group Risk Asset Management Peter Killen - who retired yesterday - is to sell 700,000 of his 1.6 million shares while John Rowen is to sell 237,500 shares.

AIB was down 20c to €13.20 while BOI was down 16c to €11.26.

Barlo is to recommend to its shareholders that they accept the 40c per share cash offer made by management buyout vehicle Melgan which is headed by Barlo chief executive Dr Tony Mullins.

Shares in the ISEQ-quoted company remained at 38c.

Galen Pharmaceuticals reported that sales and profits more than doubled for the first quarter to December 31, 2003.

Shares in building firm McInerney Holdings were up 3c to €5.23. The company announced today that it has appointed Tommy Drumm and Mark Shakespeare as Executive Directors to its Board.

BOI house price index released earlier today predicted that house price inflation would fall to 6% from 14%.