Feeds

Martha Lane Fox denies bailing out Lastminute investor mates

But there's probably a few who need the cash

  • alert
  • submit to reddit

The essential guide to IT transformation

Martha Lane Fox, Lastminute.com's co-founder, has come in for a bit of a drubbing in the Independent which reckons she is offering to buy back shares in the business at its issue price.

This would be quite a good deal as the launch price of was £3.80 but they're now down to 75.5p. The Indy claims there is a catch though, the buy back is only available to "a handful of participants in lastminute's restricted 'friends and family' float.

The Lastminute camp is having none of this though. "This is completely untrue," said a spokesman.

The Indy reckons Lastminute wound up retail investors at the time of the float by allowing f&fs to buy thousands of pounds worth of shares when everyone else was limited to 35 shares. With hindsight, Joe Punter was well served by Lastminute management. However some of Martha's pals seem to have been royally stung.

The Indy claims that earlier this month Martha emailed some of the f&fs offering to buy back their shares at the offer price. The paper didn't know how many people she had mailed, but not all the privileged investors are likely to be strapped for cash - Hans Snook, chief exec of Orange was one of them apparently. The Indy thinks at least one person has taken her up on the offer.

The Lastminute camp says it's not true, and thinks the story is merely based on Martha offering to lend a friend £1,000. This friend had invested in Lastminute.com under the f&f offer.

The Indy closes its story by reckoning Martha runs the risk of violating the Financial Services Authority's guidelines.

Martha Lane Fox owns 5.99 per cent of Lastminute, which is worth about £7.67 million. She's not sold any of her stake so she probably can't afford to bail out many of her mates who tried to make a quick buck backing her business. ®

Related Link

Independent story

Build a business case: developing custom apps

More from The Register

next story
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Premier League wants to PURGE ALL FOOTIE GIFs from social media
Not paying Murdoch? You're gonna get a right LEGALLING - thanks to automated software
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
Ballmer quits Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Solving today's distributed Big Data backup challenges
Enable IT efficiency and allow a firm to access and reuse corporate information for competitive advantage, ultimately changing business outcomes.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.