Sean Quinn, Ireland’s richest man, has lost an estimated 1 billion ($1.6 billion) on his 15% stake in Anglo Irish Bank over the past 18 months, The Telegraph reports.
Quinn built up most of his holding in the first nine months of last year, market sources says, through contracts for difference, using his estimated personal wealth of 4.7 billion. At the time of the stake building, Anglo’s shares were trading at an average of 15 each, but they have since plummeted to just 4 each.
The Fermanagh-born tycoon has now decided to convert the CFDs into actual shares. A 15% stake in IRB was worth an estimated 465 million at close of trading on Wednesday night. The entire company is valued at 3.1 billion.