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04/07/2001
HOLDINGS WINDFALL FOR GALEN DIRECTORS
THREE Ulster businessmen are to benefit from a share holdings windfall of around £100 million.
Galen pharmaceutical group directors, Dr Allen McClay and John King will pick up £40 million each, while finance director Geoffrey Elliott, as well as charitable trust set up by Dr McClay, will receive £10 million each.
The sale by the three directors is part of Galen’s £100 million share offering to international investors.
The announcement triggered a six per cent fall in Galen’s stock market price, with shares being marked down 47p in one day.
Galen meanwhile also announced a £200 million open offer of new shares to help fund further purchases in their expansion plans. This includes the acquisition of Estrace Tablets, a hormone replacement tablet from Bristol-Myers Squibb.
The Galen group, which employs 1,500 people throughout the British Isles and US, manufactures and markets a range of medicines as well as providing a range of services to the healthcare industry.
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Galen pharmaceutical group directors, Dr Allen McClay and John King will pick up £40 million each, while finance director Geoffrey Elliott, as well as charitable trust set up by Dr McClay, will receive £10 million each.
The sale by the three directors is part of Galen’s £100 million share offering to international investors.
The announcement triggered a six per cent fall in Galen’s stock market price, with shares being marked down 47p in one day.
Galen meanwhile also announced a £200 million open offer of new shares to help fund further purchases in their expansion plans. This includes the acquisition of Estrace Tablets, a hormone replacement tablet from Bristol-Myers Squibb.
The Galen group, which employs 1,500 people throughout the British Isles and US, manufactures and markets a range of medicines as well as providing a range of services to the healthcare industry.
(MB)
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Northern Ireland WeatherThis Evening and Tonight:Another cloudy and mild night with the odd spot of light drizzle. More widespread outbreaks of rain will spread southeast into western parts of Tyrone, Fermanagh and Derry late in the night. Minimum temperature 8 °C.
