Riverdeep's non-executive chairman, Mr Patrick McDonagh, has raised more than €146 million and reduced his stake in the company to 24.4 per cent from 38.7 per cent through a placing of more than 29 million shares at €4.97 each. The placing, with institutional investors, means that some 50 per cent of Riverdeep's shares are now freely traded compared to a free float of just 35.7 per cent previously.