Pace founder cashes in

Chris Forrester

David Hood, who with Barry Rubery, founded set-top box maker Pace Micro Technology in 1982 (and which is now a PLC and trading as Pace) used the companyís current high valuation to cash in £12.5m-worth of shares. Mr Hood no longer has any day-to-day involvement in the business.

Mr Hood has done well out of his investment. The City pages suggest he has earned more than £200m out of his shares over the years since the company floated on the London stock exchange in 1996. Mr Hood stood down as a director in 2004, but still holds a 13% shareholding in the company.

He now spends his time running a company specialising in chartering private jets to businessmen (Multiflight).