THE widow of the late First Derivatives founder Brian Conlon has sold a significant portion of the family's share in the company for £62 million.
Mr Conlon’s wife Julie (Juliana) held just under a quarter of all shares in the Newry financial data analytics group (23.4 per cent) at the time of his death in July 2019.
Ms Conlon this week opted to sell around one-third of the family’s 6.7 million shares in the hugely successful global company.
At time of the sale on Thursday, shares in First Derivatives were valued at £27 per share.
The sale of the 2.32 million shares raised £62.64m for the family.
The share placing was conducted through Goodbody Stockbrokers.
It’s understood that part of the sale involves the Conlon family agreeing not to sell its remaining shares in the company for at least 180 days.
The sale still leaves Julie Conlon as the largest single shareholder in the company, holding 4.05 million shares (14.7 per cent).
In July, First Derivatives re-named two of its offices in Newry in honour of Brian Conlon.
The firm also launched ‘Spirit of Brian Conlon’ award for FD employees.
At the time of the announcement, the Conlon family described the company as being part of the fabric of Newry.
Chief operating officer Adrian Toner last year affirmed the group’s long-term commitment to retaining Newry as the strategic hub for First Derivatives.
Last month the company announced a 2.5 per cent increase in its six month sales to £119.6m.
Pre-tax profits took a tumble to £7.4m, but the group managed to virtually halve its debt (excluding lease obligations) to £30.6m from £60.2m.
Company chair Donna Troy said the performance during an uncertain period had demonstrated First Derivatives’ resilience.
The group now operates from 15 offices across the globe, employing more than 2,400 people.