Former Datalex chief executive Mr Neil Wilson said yesterday that his Cyprus-based family trust sold €855,000 of shares in the travel software company.
He also scotched reports that the group was the subject of an imminent management buyout.
AIB group also sold an estimated 2.6 million shares in the company at various times during the week at prices between 47.5 cent and 52 cents. This would have valued the block at €1.2-€1.35 million.
Up to 4.8 million Datalex shares, or 7 per cent of the company, was traded on the Dublin market during the week.
Yesterday, a company announcement revealed that Mr Wilson, who is still a director, had sold 1.8 million shares at 47.5 cents, or a total of €855,000. Mr Wilson's holding was reduced to 12.9 per cent from 15.7 per cent.
AIB also informed the company that its shareholding had fallen from 6.8 per cent, or 4.4 million shares, to below the "notifiable interest" threshold of three per cent.
Businessman Mr Paschal Taggart transferred 100,000 Datalex shares to his daughter, Ms Elva Taggart. He now holds 0.24 per cent of the company.
Mr Wilson told The Irish Times yesterday that his shares were held by his family trust, Foxboro, which is registered in the Mediterranean island of Cyprus, but the market regards him as the beneficial owner.
He said his advisers had recommended the sale. "As I am no longer in a day-to-day management position with the company, they felt that maybe it was time for a diversification," he said. He described reports that management intended buying back the company as "inconceivable".
It is understood that an English institutional investor acquired at least 3 per cent of Datalex. The investor will have to notify the group and the market of this fact early next week.
Analysts do not believe that any individual is attempting to build up a stake in the company to launch a takeover bid. Mr Gerry Hennigan of Goodbody Stockbrokers said Datalex was one of a number of potentially profitable technology stocks in which investors were interested.
Datalex's largest shareholder is Mr Dermot Desmond's IIU investment vehicle, which holds 13.3 per cent of the company, through Bottin International Investments. Datalex closed 4 per cent up at 50 cents yesterday.
