Betting firm founder to see stake reduced

WORLDSPREADS founder Conor Foley will see his stake in the spread betting firm reduced to 18% when the company floats on the Alternative Investment Market next Wednesday.

Mr Foley will see his stake diluted from 26.4% to 18.1% at the float, though he will not net any windfall from the reduction.

WorldSpreads is raising €8.5 million in new funding from the flotation, first revealed by the Irish Examiner last week. The company will have a market cap of €27m.