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Shedful of money.

The two entrepreneurs who founded an Internet company in their Warwickshire garden shed are pressing ahead with its pounds 250 million flotation, despite recent falls in high-tech stocks.

Actinic yesterday launched its pathfinder prospectus for a flotation in the techMARK index of the London Stock Exchange, which should raise pounds 30 million cash for the company and make its two founders, Mr Kevin Grumball and Mr Chris Barling, multi-millionaires.

The two each have a 25 per cent stake in the company, which will be worth more than pounds 64 million at flotation.

They will also sell up to 20 per cent of their shares at flotation, giving them up to pounds 13 million in cash each.

The pair had the idea to develop a CD that allows small companies to set up e-commerce websites after Mr Grumball left his job as boss of Software Design & Construction, which installed computer systems for other businesses.
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Publication:The Birmingham Post (England)
Date:May 4, 2000
Words:153
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