Annrai O'Toole and his fellow ex-Iona Technologies director Colin Newman have been coy about how much they have invested in Cape Clear Software, the company where both ex-Iona men have taken up senior management positions. Mr O'Toole has become executive chairman while Mr Newman is head of marketing after both men made private investments in Cape Clear.

Maybe one clue to how much Mr O'Toole has invested may be the recent chunk of Iona shares he sold. Mr O'Toole raised more than $2.5 million (€2.9 million) in the last week of October after selling 37,500 shares at just over $68 each.

If Cape Clear - or indeed any other company takes his fancy - Mr O'Toole has plenty more money where that come from. He still holds 1.6 million shares which are worth more than $102 million at Iona's price in the market

Mr Newman does not seem to have sold any Iona shares recently, but two other directors have. Chief executive Dr Chris Horn has sold 66,000 in two lots and pocketed $4.7 million while Sean Baker sold 30,000 shares for $2.07 million Dr Horn's remaining stake is now worth $144 million while Baker's is worth more than $93 million.