Torex software chief's £18m windfall
ROB Loosemore, the chief executive who led the buyout of software group Torex Retail, has seen the value of his initial £500,000 investment soar 36-fold in a matter of weeks.
His bonanza resulted from an 'accelerated initial public offer' made by broker Evolution Beeson Gregory.
Parent company Torex, which was in the process of merging with fellow healthcare software provider ISoft, sold Torex Retail, whose software helps supermarkets monitor checkout queues, on February 16.
It was floated three weeks later by Evolution Beeson Gregory on the junior Aim market with a market capitalisation of £60.3 million.
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As the shares rocketed, Loosemore, 35, saw the value of his 18.7% stake soar to £18 million.
Institutional shareholders-have also netted gains of 50% since the flotation.
Loosemore, 'too busy running the business' to comment about his windfall, has pledged not to sell any shares before Torex Retail publishes its results for the year ending December, 2005.