AIB directors exercise options at record levels

A number of AIB directors and senior managers have taken advantage of the strong performance of the bank's share price to exercise…

A number of AIB directors and senior managers have taken advantage of the strong performance of the bank's share price to exercise options and sell stock in the bank in recent days.

Shares in AIB, which is due to issue a trading statement next week, have performed strongly over the last week, closing at €18.20 on Monday, a record level for the stock.

AIB director and head of capital markets Colm Doherty spent around €500,000 to exercise options over 50,000 shares at a price of €10.02 on Monday.

He then went on to raise €676,875 from the sale of 37,500 shares at €18.05 each yesterday. He retains 70,469 shares.

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Outgoing finance director Gary Kennedy, who is due to leave the bank at the end of the year, made a profit before dealing and other costs of €121,350 on the exercise of options and subsequent disposal of the shares.

He spent €150,300 to exercise options over 15,000 shares at €10.02 each before going on to sell them on Monday at €18.11.

The managing director of the bank's Irish operations, Donal Forde, nearly halved his shareholding in the bank when he sold 25,000 shares at €17.83 each last Wednesday, raising €445,750.

Meanwhile, Bank of Ireland finance director John O'Donovan spent €105,400 to exercise options over 10,000 shares in the bank yesterday at a price of €10.54 each. Bank of Ireland shares closed last night at €13.03, down 12 cent on the day.

AIB shares drifted seven cent lower last night to €18.13.