Back in August, we flagged up that ex-felon and former Japanese warrants king Terry Ramsden had taken large chunks of three companies, Financial Development (FDC, formerly the Hansard public relations outfit), TradingSportsExchange and Caplay (whose last incarnation was as Lesiureplay).

Since then it appears Ramsden has dramatically changed tack, selling his entire shareholding in two of these companies but upping his holding in Caplay – at a cost. In July, he agreed to buy ten per cent of FDC following a £10.7 million placing at a below-market 3p.

This sent FDC shares soaring 160 per cent to 93p (the stock was split one-for-ten). However, according to a source close to the company, FDC only raised £7 million. Ramsden only coughed up half of the £1.5 million originally expected from him and two of his associates failed to contribute.

Ramsden has now sold his entire 8.3 per cent holding in FDC, which in July bought his Griffin Leisure concern. He sold at between 2.92p and 3.5p, since when FDC shares, now subject to a management buy-out, rose 1p to 4.25p.

Meanwhile, shares in betting exchange system provider TradingSportsExchange rose 44.4 per cent to 20.5p after Ramsden sold his entire shareholding, having bought five million shares at a heavily-discounted 15p, when it attempted to raise £4.5 million in August. TSE only raised £3.5 million.

Ramsden seemingly made no profit on the deal. But the company does not seem to have suffered, as its shares are now trading at 25.5p.