Allan Leighton, the former head of Asda and president of the European division of Wal-Mart, joined the company as non-executive chairman on 20 October. The role was unpaid but he was granted options over 1m shares at a strike price of 137.5p. The market reacted with a 9p drop in the share price to 128p. The firm's shares sank below 100p for the first time on 8 November and closed at 80p on 10 November. Full year results to 30 September 2000, announced on 4 December, were slightly ahead of expectations. Losses increased from £4.5m to £35.7m, while transaction value increased from £2.64m to £34.2m, excluding transactions by Degriftour. The company generated more revenue from interest payments than from ongoing business activities. Shares rose 4.9% to 75p. In November 2001 the company reported a £54m loss.