LONDON (Brand Republic) - Lastminute.com鈥檚 management team has bought £110,000 worth of shares in an effort to demonstrate its faith in the business and instil confidence in the company.
Chairman Allan Leighton and co-chief operating officer Brent Hoberman each bought £50,000 worth, while co-chief operating officer Martha Lane Fox invested £10,000.
In a Financial Times report, Hoberman said he believed that while there was irrational exuberance when the internet market was on its way up, there has been equally irrational despondency on its way down. He insisted that Lastminute continued to perform ahead of expectations.
The news came in the week that the company celebrated the first anniversary of its flotation. The shares debuted at 380p, but since then have fallen by 90%, hitting a low of 37p on Wednesday before rallying to close at 39.5p.
www.lastminute.com