Late last week, Corcoran (pictured) filed papers with the London Stock Exchange indicating that he’d sold 43,500 of his 183,500 total shares in Paddy Power Betfair. The shares were priced at £95.72 apiece, bringing Corcoran’s payday to a whopping £4.1m, enough to fund some serious craic.
If news of Corcoran’s largesse makes you feel self-conscious about how much time you spent last night fishing that loose change from the back of the sofa cushions, you’ll likely take solace in the fact that had Corcoran sold his shares one week earlier when the price was up around £100, he’d have earned an extra £200k or so. No, doesn’t make us feel any better, neither.
Corcoran’s money shower came one week after the newly married Paddy Power and Betfair entities released their first joint earnings report, which showed both companies firing on all cylinders. Tune in next year, when Corcoran bails out Ireland’s national debt by selling some of his holdings in Paddy Power Betfair Ladbrokes Coral Bwin.Party Amaya Playtech Acme Plc.
Meanwhile, two days before Corcoran’s windfall, William Hill CEO James Henderson sold 11,607 shares of his considerable Hills holdings. Sadly, Hills’ shares were trading at a comparatively modest £3.88, bringing Henderson’s haul to only around £45k. But Henderson still has nearly 115k more shares in the company, so maybe he can be convinced to part with some more come last orders.