Three directors of Iona Technologies have taken advantage of the recent surge in the Iona share price and have each sold more than £1 million-worth of shares.

According to a filing with the Irish Stock Exchange, Mr Annrai O'Toole sold 37,500 shares at an average price of $42.83 (€37.67) to realise over $1.6 million. Mr O'Toole, however, remains one of Iona's biggest shareholders and his remaining 9.16 per cent stake in Iona is worth more than £52 million (€66 million).

Mr Sean Baker sold 36,000 shares at an average price of $42.80 to realise over $1.5 million and his remaining 8.4 per cent of Iona is worth almost £48 million. Mr Colin Newman has sold 37,500 shares at $42.80 each to realise $1.6 million and his remaining 2.88 per cent stake is worth almost £16.5 million.

Iona's shares have risen strongly in recent weeks and hit $46 at about the same time as the software group's annual results were announced on January 20th. Since then, the shares have remained firm on the Nasdaq market and were trading at around $42 yesterday.