The management of Blinkx, the online video company hit by a bear raid earlier this year, is poised to launch a share buyback programme to shore up support for its stock after investors told the company to “burn the shorters”.
Shares in Blinkx have plunged over the past year after a blog post by Ben Edelman, a Harvard associate professor, that expressed “grave doubts” over its revenue, a claim rejected by the business. However, it unnerved investors this month when it issued a profit warning.
Yesterday, the board hoped to soothe shareholders at its annual meeting after revealing that Fidelity, the US fund with a long-term investment strategy, had taken a 5 per cent stake this week.
However, the mood was rancorous as retail investors