SBC News Paddy Power share price surge creates 207 millionaires

Paddy Power share price surge creates 207 millionaires

moneyback Last week’s 20% surge in Paddy Power shares has created a total of 207 ‘paper millionaires’. Prior to the UK August Bank Holiday weekend Paddy Power shares traded at €96.

The Irish Independent newspaper reported the shareholder figures following a review of Paddy Power Plc register, detailing that 207 accounts held 10,000 + shares which following last week trading gains would translate into a value of €1 million.

The surge saw big gains for the Power family (founding stakeholders) who are the largest individual shareholders with a 7.89% stake in the operator valued at a present €370 million.

Founding Paddy Power stakeholders John Corcoran and Stewart Kenny, saw their share price assets rise to €137 million and €38 million.

Former CEO Patrick Kennedy who left the operator in January, held shares worth over €55m at the end of last year. The Irish Independent further reports current Paddy Power CEO Andy McCue  holds share bonus of 75,000 valued at a present +€3 million.

Having floated on the London FTSE exchange in 2000, Paddy Power continues its strong trading momentum which has seen its share price rise tenfold since the 2008 financial crisis.

If merged with online competitor Betfair, shareholders are set to own 52% of the new enterprise which is estimated will produce revenues of + £2 billion. At present the two operators have not agreed on whether the union will take the form of a merger or a takeover by one of the companies.

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