TurfTrax has delayed its AIM float after one of its key investors, Dubai World subsidiary Istithmar, wanted time to decide on how its investment was structured. A spokesman for the betting technology firm said that Dubai World was going ahead with its investment, which would give it an 11 per cent stake in the company, but had just decided to change the subsidiary through which the investment was held.
"The delay has been caused through the administrative process resulting in the change of the investing subsidiary of our investor in the Middle East," a spokesperson said. "We've got a responsibility to let the market know, although the delay doesn't affect anything to do with the float."