FYI
BN Infobank Soars Following Meeting With New Investors (Update1)
Dec 3 1999 13:19
Infobank Soars Following Meeting With New Investors (Update1)
(Adds closing price.)
London, Dec. 3 (Bloomberg) -- Infobank International Holdings
Plc shares rose 26 percent after the U.K. e-commerce software
maker met with about 20 analysts, brokers and fund managers
yesterday.
The meeting, held at Lehman Brothers Inc.'s offices
yesterday, was one in a series the company is holding with
potential investors in London. More meetings are scheduled next
week, said David Courtier-Dutton, Infobank's financial director.
Lehman serves as an adviser to Infobank, he said.
``We have seen increasing institutional demand for the
stock,' said Tim Linacre, in the corporate finance department
with WestLB Panmure, Infobank's broker. ``We are getting many
calls.'
The shares, which have soared 32-fold this year, rose 335
pence to 1607 pence.
A comment from Mark Dodds, e-Commerce manager of Microsoft
Corp., helped boost shares last month.
``Over six to 12 months, Infobank will make some very big
announcements about large clients implementing such systems.'
Dodds said Nov. 24 at a conference in London. ``Analysts must
consider the effect that this will have on the share price of
Infobank.'
The shares rose 37 percent the following day.
Courtier-Dutton said the Infobank plans to ``grow organically
and through small acquisitions. We need to be fast to cope with
demand.'
--Elena Moya in the London newsroom (44 171) 330 7419/iu/vv
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