A rescue package is being put together to try and salvage something from the remains of Display.IT, the once high-flying London company that boasted an Internet-based rival to news group Reuters. The company’s shares were suspended last month when they stood at 245 pence after the company was attacked by ‘bear raiders’ who successfully gambled on the fact that its share price would crash because the company could not live up to its promises. Two shareholders – David Ward and Dr H Hanif – who have no connection with the previous board, have agreed to step in as directors and assess whether the company has a future. Display.IT’s problems came to a head when it was forced to admit that it had not, in fact, received a 5.7m pound payment for software from a mysterious Luxembourg-based company called Alsina. All the company’s professional advisors have quit though it is still trading. The only question that remains to be answered is whether Display.IT’s software is worth anything to another company.
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