Monday September 7,2015 : MERGER DISCLOSURES MAKE THE IRISH PRESS
Large loans and payments reported.
The Irish press is clearly keeping a close watch on the disclosures in the Paddy Power-Betfair merger reporting over the weekend that in April 2014, the group gave a loan of Euro 609,529 – without requiring any collateral or guarantee and without any interest attached – to a member of its executive management team who has not been named.
Asked for comment, the company said the individual concerned had been transferred overseas and has since repaid the loan.
The disclosures apparently also revealed that Paddy Power non-executive director Stewart Kenny, a co-founder – was paid Euro 200,000 in 2013, and again in 2014, for consulting fees not linked to his role on the Board.
A further disclosure reported that charges of Euro 404,425 were paid for advice from the Arthur Cox law firm; one of the partners in the firm, Padraig O'Riordain, is also a non-executive director on the Paddy Power board.
Paddy Power set share price records in Ireland this week, breaking the Euro 100-a-share level in a first for any main market Irish Stock Exchange company and creating about 200 new paper millionaires among shareholders.
The forthcoming merger between Paddy Power and Betfair will create a company valued at Euro 1.2 billion and a serious rival for market-leader Bet365, which is worth around Euro 1.7 billion according to media reports.