Iomart sets sail with [pounds sterling]60m float.

Byline: BRETT ARENDS

FORMER Navy officer Angus MacSween expects to be worth [pounds sterling]23m when iomart, his Scots Internet company, braves market turbulence to float next month.

MacSween, the chief executive, and director Bill Dobbie founded iomart in 1998 with [pounds sterling]1.5m after leaving Scottish Telecom.

They sold their previous company to ST for [pounds sterling]11m.

Dobbie will be worth [pounds sterling]15m after the float. Neither is selling shares and MacSween says: 'There are no vulture capitalists involved.' Iomart provides net access through its Madasafish portal, with 108,000 registered users, and hosts websites for smaller companies through WinBiz.com. It is also launching Jings!, a new ISP with a Scottish image but 'no tartan or shortbread.' Sales this year have already passed last year's [pounds sterling]300,000 and iomart hopes to raise [pounds sterling]20m, valuing it at around [pounds sterling]60m. Would-be investors must register by April 12 at www.madasafish.com. The expected price range is 110p to 145p. Trading begins on April 19.