Wilkinson cashes in again

By ROSS DAVIES
Updated:

 

Internet entrepreneur Peter Wilkinson makes a further fortune with a £165m reverse takeover in which Chris Akers's AIM-quoted InTechnology Plc acquires online applications company VData and data storage specialist associate Storm.

Wilkinson is the majority shareholder in both. He will emerge as chief executive, with 57% of the enlarged InTechnology, which will be 'the UK's first full-service data management solutions provider'.

InTechnology is also raising £33m, £9m via a one-for-two rights issue of 6m new shares at 150p, and the rest by a placing of 16.4m shares at 150p. VData lost £1.6m to 31 December on start-up turnover of £28,000, while Storm made £5.4m on £102m to 31 March.

Wilkinson had a third of Paul Sykes's Planet Online, sold to National Grid's Energis for £85m two years ago, and also was the architect of Freeserve. He also chairs and holds 42% of Sports Internet, for which BSkyB has made an all-share deal which valued the company at £301m. Since then, however, BSkyB shares have dropped from 1512p to 1275p, near the 1175p at which Wilkinson has reserved the right to walk away.

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