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06 Feb 2001
Shares in Letsbuyit.com surged this morning after the co-operative buying website provider said it had secured enough funds to see it through to profitability in 2002.
At one point, its shares soared by 130 per cent on this morning's opening price of 0.52 euros, but by 11.30 GMT, they had fallen back to 0.84 euros. This still represents a 60 per cent rise, however.
The embattled website last month raised 4m euros to stave off a bankruptcy order, but it will now have some 20 million euros at its immediate disposal.
The remaining 28m euros will be released over the following year should the "successful completion of the planned restructuring activities and achievement of planned milestones" take place.
The raised funds will see Letsbuyit issue approximately 125 million new shares to both new and existing investors.
Last week, the firm made 200 of its 350 staff redundant as part of its plan to reduce monthly losses from 8.5m euros to 2.5m euros.
Some 186m euros had been invested in the loss-making concern before today.
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