Letsbuyit.com: Rumours of its demise pure 'speculation'

Letsbuyit.com said today's meeting between board members in Munich was not the crisis meeting reported by newswires.

It was rumoured that board officials from the troubled group-buying site were meeting to declare the company bankrupt, after last month's departure of the chief planning officer and its failure to land a E30m (£18m) cash injection from investor Shmulik Stein International.

However, a spokeswoman for Letsbuyit confirmed that there was a board meeting today in Germany, but insisted it was a routine monthly board meeting.

She said: "Letsbuyit always has a monthly board meeting, I don't know where this speculation has come from."

Letsbuyit ran out of money last December, before being rescued by investors at the eleventh hour. During the first quarter of 2001 the company was burning £2.4m per month.

Letsbuyit shares have fallen from a 52-week high of E4.45 (£2.7), to E0.20 (£0.1), which qualifies the company for a de-listing from the Neuer Markt.