Shares in online retailer Letsbuyit.com fell sharply again yesterday after the resignation of its board, but the company was still valued at a significant premium to the cash on its balance sheet.

Ms Heidi Fitzpatrick, an analyst at Lehman Brothers, said: "It is very curious that the company is still worth so much more than its cash. It looks like some people still think there is a buyer out there for the business, but it seems very unlikely."

Yesterday's 9 per cent fall to €0.53 came after the shares had lost more than half their value on Tuesday, when the company returned from suspension, which was originally requested because Letsbuyit was seeking protection from its creditors.