Vince Power to keep Mean Fiddler shares

In a remarkable U-turn, Vince Power has said that he won't, as previously announced, be handing over control of the Mean Fiddler organisation to internet entrepreneur Richard Clingen.

Plans for Power to sell a 35% stake in the company he set up in 1981 appear to have been torpedoed by rebel shareholders who objected to Clingen and the institutional investors he's backed by coming on board.

In the wake of the news, Mean Fiddler shares fell sharply from 53.5p to 43.5p.

Sure to be monitoring developments closely is MCD's Denis Desmond who acquired a 24% stake in the Fiddler last year.