Shares in online retailer Lastminute.com went into reverse yesterday as the six-month lock-up period, in which management and certain institutional investors were not allowed to sell their shares, came to an end.

The shares, which closed 9p, or 4.89%, lower at 175p could mount a recovery today.

A statement released after the market closed dislcosed that co-founders Brent Hoberman and Martha Lane Fox and certain institutional investors have voluntarily agreed to extend their lock-up agreements with the company's broker, Morgan Stanley.

Together with the holdings of Mr Hoberman and Ms Lane Fox, this represents around 90% of the shares that were locked-up at the time of Lastminute's initial public offering back in March.

Investors should note that the extension to the lock-up period is only a further three months.