QXL.Com (QXLC) - euro ebay? Message Board

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Technology Stocks : QXL.Com (QXLC) - euro ebay?

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To: blankmind who wrote (17)	10/10/1999 12:02:00 AM
From: blankmind	Read Replies (1) of 306

web impressions for june was over 6 million (continues to rise) and there plans for the $$$$$. Online auctioneer QXL seeking dual listings to expand by JAMES McLEAN Online auctioneer QXL confirmed today that it was coming to market and looking for dual listings on the London and Nasdaq exchanges. The loss-making company, valued at œ500 million-œ750 million, has been tipped for a public offering for some months but today confirmed that it was looking to float within the next two months. QXL said the offer would comprise new shares representing about 25% of the enlarged firm. 'There are two things we are hoping to do with the money,' said chief executive Jim Rose. 'One is geographical expansion. We are currently in Italy, France and Germany and have announced our intentions in Holland, Spain and Portugal. The second big piece is marketing and brand building. We are building a consumer online brand and that takes a lot of money.' QXL said its European ambitions are a unique selling point but it needs capital to fulfil them. Losses to the year end to 31 March were œ2.1 million on revenues of œ2.5 million and in the quarter to 30 June operating losses were œ2 million on turnover of œ1.2 million. Rose said prospects are high with the web pages receiving six million impressions in June. Just under 50% of the company is held by venture capitalists, including Apax Partners, a unit of French utility Vivendi, and Europ@web the investment vehicle of French luxury goods magnate and LVMH chairman Bernard Arnault. Founding shareholders freelance journalist Tim Jackson and Jonathan Bulkeley own about 30% with employees owning most of the rest. Credit Suisse First Boston is managing the float. Retail registration starts on 9 September through the QXL.com website. ¸ Associated Newspapers Ltd., 03 September 1999 thisislondon.co.uk

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