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Technology Stocks : VersaTel Telecom International NV-(VRSA)
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To: Dirk who wrote (9)7/21/1999 11:33:00 AM
From: Mohan Marette   of 73
 
VersaTel Adjusts Ratio of New, Existing Shares on Sale in IPO

Bloomberg News
July 21, 1999, 7:49 a.m. PT

Amsterdam, July 21 (Bloomberg) -- VersaTel Telecom International NV is raising the amount of new shares on sale to 19 million from 18 million in its initial public offering, sale managers Lehman Brothers Inc. and ING Barings said.

That means it could raise as much as 190 million euros ($199 million) in the offering. The extra new shares will make up for a smaller than expected number of existing shares on offer. The total number of shares to be sold remains 21.25 million.

VersaTel is raising money to fund the building of its fiber-optic telecommunications network, which aims to reach all 90,000 businesses within one kilometer of its cables in the Netherlands and Belgium. It's counting on the dense population, rapid deregulation and fast-growing Internet use in the region for its success.

A total of 450,000 shares will be sold by warrant holders,and Cromwilld Ltd. will sell 1.8 million. The sale managers have an option to sell an additional 3 million shares.

Some of the shares will be American depositary shares, to be listed on the Nasdaq exchange. The rest will be shares listed in Amsterdam.

The price per share is expected to be announced Friday morning, and the shares will begin trading when the Nasdaq opens at 9:30 EDT, or 3:30 CET.

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