Lane Fox sells Lastminute stock

Lane Fox co-founded Lastminute

Martha Lane Fox, the co-founder of Lastminute.com, has sold a fifth of her stock in the UK internet retailer.

Ms Lane Fox sold 2 million shares at 230p each, raising £4.6m ($8.5m), according to the London Stock Exchange.

The dot.com entrepreneur stepped down from the firm she helped to create at the end of 2003.

She said: "I still have a phenomenal amount of faith in the company." News of the sale pushed Lastminute's shares lower at Monday's close.

However, Ms Lane Fox has no plans to sell more of her stake this year, according to newspaper reports.

In early trade on the London Stock Market, shares in lastminute.com were down 1.5p at 230p.