InterX directors cash in £75m worth of shares
While upping ante for share placing
Certain directors and former directors of InterX are selling more than 2.4 million shares in the company. This will gross a useful £75 million or so, based on yesterday's closing price of 3100p. Aside from the enormous good fortune of the sellers, there doesn't appear to be too much to read into this: the six main executive InterX shareholders will retain 47 per cent of the business, following the sale. Armed with hugely rated paper, InterX is set for a buying spree for more new media technology and content properties. This means the company will be in effect a permanently closed period (the time when directors are not allowed to comment on company performance, or sell shares). So this sale looks like the last chance the main shareholders will have for sometime to cash in some of their enormous paper assets. The sale is timed to coincide with a new share placing in which Inter-X is to raise £50 million, £20 million more than it originally said it would. The company says it has identified an another high-value sector to extend its IT Network product comparison model. Presumably, this is where the extra cash will go. We guess pharmaceuticals is the target -- it's a business with a similar channel distribution model as IT, loads of products to wade through, and more importantly big, rich vendors to tap for advertising, database marketing and sponsorship money. ®
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