Grafton chairman sells €15m shares

THE chairman of the builders merchants Grafton Group is nearly €15 million richer after selling part of his holding in the company.

Grafton announced last night that Michael Chadwick, and two other directors, had sold part of their stake as part of a placing of shares with institutional investors in Britain and the US.

A statement said Mr Chadwick, whose family formed the company, sold 2.77 million shares at €5.30 per share.