Lastminute cofounder offers to rescue investors
Published: 15 Jan 2001 16:42 GMT
Lastminute.com cofounder Martha Lane Fox has offered to buy back shares of some investors at their offer price, a move which could make money for the lucky few, but is likely to farther upset the majority of shareholders. Lastminute debuted at 380p in March and rose as high as 532p at the height of the dot-com boom, but is now stagnating at around 75p.
Lane Fox has made the buyback offer to some of the participants in Lastminute's restricted "friends and family" float, according to a report in the Independent newspaper. The discount travel company's flotation was marked by controversy when retail investors were only allowed to take out 35 shares each, as the "friends and family" list grabbed thousands of pounds' worth of shares.
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