Bett makes a million with net firm shares

February 25, 2000

Sir Michael Bett, who chaired the independent pay review committee for higher education, made more than Pounds 1 million on paper in just a few hours last week.

His 1.15 per cent stake in the internet company Just2clicks was valued at Pounds 1.5 million when the company floated on the alternative investment market last Wednesday. Over the next few hours the shares soared from 150 pence to more than 240 pence, valuing Sir Michael's stake at Pounds 2.8 million. The share price has since fallen back to below 200 pence.

Shares in gene therapy company Oxford Biomedica increased by more than a third over the past month. The company is hoping later this year to move from the alternative investment market to a full Stock Market listing. Oxford Univer-sity owns 7 per cent of Oxford Biomedica.

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