Iona Technologies director Mr Sean Baker has sold $2.25 million (€2.4 million) worth of Iona shares, the fourth time that he sold shares since Iona floated four years ago.

Mr Baker sold 36,000 shares last week at an average price of $62.43. He has been a regular seller of Iona shares at this time of the year. Last February, he sold 19,000 shares at $51 each. In January 1999, he sold 36,000 shares at $42.80 each, while the previous November he sold $36,000 shares at $24.59 each.

When Iona floated on the Nasdaq in February 1997, he sold shares worth $3.1 million. Mr Baker still holds a sizeable stake in Iona and his 1.43 million shares - 6.5 per cent of the total - has a current value of $76 million.