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Probability

  • BY: Andrew Hore |
  • POSTED: 12/02/2008 |

Michael Spencer, the boss of money broker ICAP, has taken a 15.8% stake in mobile gaming company Probability. 

His family company IPGL subscribed for 3.4m shares at 50p each – a 15.3% discount to the closing price on 11 February. However, it is well above the 41.5p at which they started the year.

IPGL has appointed Matthew Wreford as its representative on Probability’s board.

Probability will use the cash to grow its business. It has signed deals with the likes of The Sun, Blue Square and orange and these will bear fruit this year.

The investment shows Spencer’s belief that Probability can become a major force in its market.

The shares fell 0.5p to 58.5p, valuing the company at £10.6m.

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