Egg shareholders sell up
Private investors in internet bank Egg have been rushing to sell their shares as the company’s share price hit record lows.
LONDON (Brand Republic) - Private investors in internet bank Egg have been rushing to sell their shares as the company’s share price hit record lows.
The company floated in the summer at 160p a share, and shortly after soared to 178.5p. By close of trading on Friday, shares were down to 105p and remained unchanged this morning.
Small investors have been selling up and now account for only 6% of Egg’s investors, compared to the original 13%. Insurance company Prudential, which launched the company, is still the majority shareholder.
Egg’s share price has suffered as a result of criticism from the City. Some analysts are unsure of the company’s ability to reach profitability by the end of next year. In the third quarter 2000, losses were up by 7% to £115m.
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