Tech entrepreneur Mike Lynch and his wife Angela Bacares can start selling off their £895m stake in cybersecurity firm Darktrace










End of 'lock up': Mike Lynch can sell his Darktrace shares

Mike Lynch can end his lock up: Darktrace shares can be sold

Tech entrepreneur Mike Lynch and his wife Angela Bacares can start selling off their £895m stake in cybersecurity firm Darktrace this week. 

Darktrace went public in a blockbuster £1.7billion float in April and within months had joined the FTSE 100. After floating at £1.7billion, it is now worth £5.6billion. 

A 180-day block on insider investors from selling shares in newly listed companies, also known as a ‘lock-up’ period, expires on Wednesday. 

If they wish, Lynch and Bacares can sell their 15.98% stakes. Lynch is fighting extradition to the US, where he faces fraud charges over the £7billion sale of his firm Autonomy to Hewlett Packard a decade ago. 

All allegations are denied by him. Shares plunged 21 per cent last Monday after Peel Hunt brokers pointed to a ‘disconnect’ between its value and the money it could make. 

The end of the lock-up period could see its share price pushed even lower if major investors dump their stakes. 

Members of Lynch’s venture capital company Invoke, which was an early backer for Darktrace, will be able also to sell shares.  

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