Belfast Telegraph

Technology chief nets £3.6m in shares sale

By Clare Weir

The founder and chief executive of one of Northern Ireland's most successful technology companies has sold 5.5% of the company in shares.

Brian Conlon sold a total of 869,706 ordinary shares, worth £3.6m last week.

The Newry-based company provides products and consulting services to the capital markets industry.

Last week First Derivatives also announced a joint venture with Trading Cross Connects US (TXC).

First Derivatives said the partnership will meet the growing need for software, infrastructure and consulting services to high frequency trading firms in the foreign exchange, fixed income and futures markets areas.

Mr Conlon said that TXC’s hosting infrastructure was “comprehensive and robust”.

Most of the shares sold by Mr Conlon were bought by Ishtara Consulting, a firm controlled by Paul Kinney. Mr Kinney, who is also a non-executive director of First Derivatives, now owns a 6.3% stake in the company.

The remainder of the shares were placed with institutional investors.

First Derivatives was founded by Mr Conlon in 1996 and floated on the Alternative Investment Market in 2002.

In its most recent results, the company reported a half-yearly pre-tax profit of £3.2m.

Mr Conlon retains a 49.6% shareholding in the company, which at today's prices is worth over £36m.

Belfast Telegraph