By Kate Hanaghan, 6 February 2001 10:45
NEWS The company will have immediate access to E20m (£13m) with the remainder of the funding available from March 2001 over a 12-month period. It will issue up to 125 million new shares in return for the financing. In a bid to hit profitability by November 2002, the company will now start proceedings to withdraw its debt moratorium. This morning, Letsbuyit was the most heavily traded stock during early trading on the Neuer Markt and as of 9.30 (GMT) its share price was up 85 per cent. It was back in December last year that the group-buying site originally sought debt protection. Since then, trading of its shares has twice been suspended
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