- iomart Group directors Angus MacSween, Richard Logan and Sarah Haran intend to sell up to £11.8m of ordinary shares in the company via an accelerated bookbuild placing.

Chief executive MacSween intends to sell up to £10m worth of ordinary shares, Haran intends to sell up to £1,050,000 finance director Logan intends to sell up to £750,000. The placing is subject to pricing acceptable to the directors.

The principal purpose of the placing is to allow MacSween to rebalance his portfolio and utilise his entrepreneurs' relief.

MacSween has agreed not to sell any further shares for the foreseeable future and no earlier than the release of the publication of the final results for the year ended 31 March 2015.

At 9:27am: [LON:IOM] Iomart share price was -10.37p at 279.88p

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