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BB: Freeserve Float (N1790809)
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epic code(s) DXNS
EPIC:
DXNS
Date:
Mon Jun 28 8:09:32 1999 GMT/BST
From:
Lom
Anyone else had an e-mail about this this morning (obviously only
registered freeserve users). Had any success with the online
registration form?. On mine the forename and surname isn't there to
enter your details and so won't allow you to register. Good start!!.
Lom
Date:
Mon Jun 28 8:16:43 1999 GMT/BST
From:
mg
I've also had problems registering - doesn't want to accept my
password - or date of birth - maybe it's a ruse to get people to ring
the helpline !
Date:
Mon Jun 28 8:30:26 1999 GMT/BST
From:
Mancunium
June 28 1999 BUSINESS NEWS
AOL to offer free service
BY CHRIS AYRES
AOL EUROPE, the Internet service provider owned by America Online and
Bertelsmann, the German media group, is to launch a free UK service in
August called Netscape Online.
The launch will come as a severe blow to Freeserve, the free Internet
access service owned by Dixons Group, which is expected to float next
month with a valuation of £1.9 billion. It is believed that many of
Freeserve's 1.25 million users have been gained at the expense of AOL,
which charges up to £9.99 a month for Internet access.
AOL's plans to launch the free service - which is also expected to
include free technical support - emerged after an interview with the
company's chief executive, Andreas Schmidt, in Germany's Der Spiegel
magazine. AOL is also expected to launch a free Internet service in
Germany this summer.
Mr Schmidt has long been opposed to launching a free service under the
AOL brand, because he wants to keep its subscription service going for
as long as possible. However, the company can use the equally
well-known Netscape brand thanks to America Online's acquisition of
the Internet browser company last year for $4.2 billion (£2.6
billion).
In a separate interview, Thomas Middelhoff, chairman of Bertelsmann,
yesterday hinted that AOL Europe could eventually be floated. "Looking
at our competitors, who have similar plans and are not as well
positioned internationally, I cannot rule it [a flotation] out," he
said.
He went on to say that Bertelsmann had invested DM6.5 billion (£2.2
billion) this business year, thanks to acquisitions and investment in
the online bookseller BOL. He also hinted at a merger with EMI, the
British music group.
Date:
Mon Jun 28 9:05:52 1999 GMT/BST
From:
Lom
hswt- Dixons to float up to 18.25 pct of Freeserve
Date: 28 Jun 1999 08:28:55
Service: AFX
LONDON (AFX) - Dixons Group PLC said it is to offer up to 18.25
pct of its Freeserve unit's enlarged share capital in the flotation
expected to take place next month.
The offering, to both institutional investors worldwide and to
retail
investors in the UK, will comprise an issue of new shares by
Freeserve, together with a sale of Freeserve shares by Dixons, the
company said.
The securities to be offered will be ordinary shares and American
Depositary Shares, the latter to be listed on Nasdaq. Immediately
following the offering and the issue of shares to Energis,
Dixons will own at least 80 pct of Freeserve's share capital.
Planet Online, a subsidiary of Energis PLC, has agreed in
principal to subscribe for shares equal to 1.75 pct of Freeserve's
enlarged ordinary share capital at their nominal value, said Dixons,
adding Planet Online has agreed not to sell these shares for a period
of 18 months from the completion of the offering.
In addition, Planet Online has agreed to subscribe for shares
equivalent to a further 2 pct of Freeserve's ordinary share capital in
equal tranches over the course of the next four years, subject to
certain conditions, including the achievement of performance criteria
set out in the contractual relationship between Freeserve and Planet
Online.
The price for these additional shares will the price payable by
investors in the offering.
Dixons added that the capital to be raised by Freeserve will be
used for general corporate purposes including marketing, brand and
content development, potential acquisitions and strategic nvestments.
(more follows)
Date:
Mon Jun 28 9:28:50 1999 GMT/BST
From:
RayG
I had no problem registering with just user-name and date of birth (I
forget my password!).
Date:
Mon Jun 28 9:38:19 1999 GMT/BST
From:
TNC
Didnt have any problem registering
Date:
Mon Jun 28 9:48:32 1999 GMT/BST
From:
bill anker
add me to the list of no prblems wth registering
Bill A
Date:
Mon Jun 28 10:45:53 1999 GMT/BST
From:
Lom
They've sorted it now. So now registered. Be interesting to see what
valuation they do finally come up with, and of course the share price.
With oversubscription like they anticipate should be a few bob to be
made.
Lom
Date:
Mon Jun 28 10:46:46 1999 GMT/BST
From:
roecrest
no probs..
Miche
Date:
Wed Jul 7 14:07:51 1999 GMT/BST
From:
Mancunium
I promised to find details of the fixed charge AOL service which
offered 0800 dial-up and post the details.
It transpires that this is a time-limited offer and the free 0800
service only lasts a short time.
My children in UK who were using this service have now returned to
Freeserve, maybe others will too.
Date:
Wed Jul 7 17:34:32 1999 GMT/BST
From:
AQUILA
Would any of the experts care to forecast the opening share price?
Regards
A.
Date:
Sun Jul 11 19:26:58 1999 GMT/BST
From:
Happy Warm Gun
Well if you believe the press they are talking about a capitalisation
of around 1500 quid a subscriber. And that will include the likes of
thee and me who'ev only 'subscribed' in order to carpet bag.
I cannot see that sort of valuation being sustained in the long term.
Their primary advantage in the free access market is that they stole a
march on all the others. That'll diminish as other currently smaller
providers simply learn to do the service better.
Nevertheless, even if the institutions don't stuff their boots I'm
quite sure that our freinds the day trader over in the US will be over
to do just that and make sure the price shifts to a quick premium
whatever the reality of the situation. I'm not going to fight that
trend I plan to be in and out as quickly as possbile and if I can make
a quick 15% then I'll be happy enough with that.
Smash and grab is how I'll play it.
Date:
Sun Jul 11 20:09:11 1999 GMT/BST
From:
Gold Finger
Has anyone done the calculations on how much per head they command in
the US. Would not £1.5bn be small fry for AOL - we may get a buyout
before the carpetbaggers geta shake ?!
Date:
Sun Jul 11 20:30:44 1999 GMT/BST
From:
Chase
Has anyone received anything through the post? I registered some time
ago but nothing has landed on the doorstep as yet.
Date:
Sun Jul 11 20:36:00 1999 GMT/BST
From:
Gold Finger
prospectus out tomorrow.
By the way, AOL are valued at .... go on, take a guess - 5 times
freeserve ? Nope, 10 times, nope ! 20 times, nope !
58 times ! i.e. $139bn. To buy freeserve would give them UK's biggest
service provider for just £1.8bn ish.
Date:
Sun Jul 11 21:21:39 1999 GMT/BST
From:
Happy Warm Gun
HWG hums "Every-bodies-blowing-bubbles-pretty-bubbles-in-the-air"
I'll be reading the prospectus with some interest.
Does anyone know what proportion of freeserve customers are 'active'
subscribers (i.e. access their account through the front page gateway
more than say once a week or whateveer measure the industry currently
uses for this definition)?
Date:
Sun Jul 11 21:29:38 1999 GMT/BST
From:
TechNet >> Goldfinger
Problem is though very few people who log into FreeServe stay on their
website. AOL make money because their users stay within AOL which in
turn attracts advertisers.
I own AOL shares and will continue to do so as a core of my portfolio.
Paul.
P.S. I'll be staging FreeServe by the way.
Date:
Sun Jul 11 21:34:23 1999 GMT/BST
From:
Jon C >> TechNet
I don't think you will be alone.
Regards
Jon C
Date:
Sun Jul 11 22:24:16 1999 GMT/BST
From:
gd_anon
Great for the day traders !
Date:
Sun Jul 11 22:54:23 1999 GMT/BST
From:
Pinsticker >> Technet
Where will you be staging Freeserve - Covent Garden or the Old Vic?
And who/what will you cast Stan Kalms as?
I'll be stagging it myself.
However, by Friday's deadline only 100k of Freeserve's 1.4m user base
had asked for a flotation prospectus. Perhaps an indication of just
how tenuous that base is...
Date:
Sun Jul 11 23:07:51 1999 GMT/BST
From:
smallchange
I Still think that the shares will be oversubscrobed..and therefore a
good punt for quick profit.
Date:
Mon Jul 12 8:14:09 1999 GMT/BST
From:
Lom
Dixons Group PLC - Re Freeserve Flotation
Date: 12 Jul 1999 07:32:33
Service: Regulatory News Service
RNS No 2360t
DIXONS GROUP PLC
12 July 1999
Not for distribution or release in or into the United States, Canada
or Japan or to US persons.
Dixons announces price range for Freeserve flotation
Dixons Group plc ("Dixons") today announced the price range for the
flotation of Freeserve plc ("Freeserve"), its Internet subsidiary.
The price range for the offering has been set at 130 pence to 150
pence per share, valuing Freeserve at #1.31 billion to #1.51
billion. The final offering price will be determined at the end of
book building and is expected to be announced on 26 July.
The anticipated timetable for the offering is as follows:
12 July 1999 Retail offer commences
Institutional books open
Roadshow commences
1300 on 22 July 1999 Retail offer closes
1700 on 23 July 1999 Institutional offer closes
26 July 1999 Announcement of share price and allocations
Conditional dealings in Freeserve
shares commence on the London Stock Exchange
and NASDAQ
2 August 1999 Admission to the London Stock Exchange
Official List
Unconditional dealings commence
From 2 August 1999 Despatch of definitive share certificates
The offering will be open to institutional investors worldwide and to
retail investors in the United Kingdom, Jersey and the Isle of
Man. More than 114,000 individuals have registered to receive a
copy of the mini-prospectus and an application form for the
offering. This is in addition to approximately 24,000 Dixons and
Freeserve employees who will automatically be entitled to apply.
The number of shares available to the public in the United Kingdom,
Jersey and the Isle of Man, to Freeserve members and eligible
employees will be decided after the closing date for the
applications and is expected to be announced to the national press
on 26 July 1999.
The minimum application size for retail investors will be #250. If
demand from members of the public exceeds the allocation of
shares to retail investors, preferential allocation will be given
to registered users of Freeserve and to eligible employees of
Dixons and Freeserve.
Freeserve Chief Executive, John Pluthero, commented:
"This is an major advance in Freeserve's development. We have a
strong market position and exciting plans for the future. Our
flotation will enable us to build on our achievement so far and to
enhance significantly the service we offer Freeserve users."
Dixons Chairman, Sir Stanley Kalms, said:
"In the nine months since Freeserve was launched, it has already
demonstrated its ability to attract and retain an enviable customer
base. This is a great achievement. I believe that the flotation will
give it further opportunity to build on its excellent track record."
For further information please contact:
James Leigh-Pemberton, CSFB 0171 888 8888
David Mayhew/Tod Bensen, Cazenove & Co. 0171 588 2828
Cary Martin/Julian Walker, Citigate Dewe Rogerson 0171 638 9571
Lesley Smith, Dixons Group plc 0171 499 3494
Notes to Editors:
1) Freeserve
Freeserve is a leading UK Internet service that delivers both free
Internet access and, as a portal to the Internet, an integrated
offering of UK-
focused Internet content, e-commerce and services. At 26 June 1999,
Freeserve had 1.32 million active registered accounts.
Freeserve was launched in September 1998 as a part of Dixons, the
UK's leading consumer electronics retailer by sales. Freeserve
distributes its access software through Dixons' network of 989
stores, including PC World, Dixons, The Link, Currys and @jakarta.
Freeserve currently offers:
* a free and simple Internet connection, without a subscription fee
and including e-mail, personal Web space and online customer
support;
* a variety of Internet tools and services, including search, chat and
domain name registration;
* a comprehensive selection of UK content, including news, information
and content channels; and
* a wide selection of UK-focused e-commerce offerings.
The UK Internet market has shown considerable growth in recent years.
Freeserve's directors believe that Freeserve has significantly
contributed to this development by pioneering free Internet access on
a mass-market basis, and that Freeserve is well-positioned to benefit
from the continued growth of the UK Internet market.
Freeserve defines an active registered account as an account which
has been used within the previous 40 days.
A registered user, for the purpose of preferential allocation, is an
individual that has registered as a user of Freeserve on or before
the close of the registration period on 9 July 1999.
2) Summary Financial and Other Freeserve Data
Freeserve commenced trading on 22 September 1998. In the period to 1
May 1999, Freeserve generated revenues of #2.73 million. Freeserve
made a net loss for the period of #1.04 million.
At 26 June 1999, Freeserve had 1.32 million active registered
accounts.
This document which has been issued by Dixons Group plc has been
approved solely for the purposes of Section 57 of the Financial
Services Act 1986 by Credit Suisse First Boston (Europe) Limited and
Cazenove & Co., both regulated in the UK by the Securities and Futures
Authority Limited. Credit Suisse First Boston (Europe) Limited and
Cazenove & Co. are acting as financial advisers to Freeserve plc
("Freeserve") and Dixons Group plc and no one else in connection with
the Offering and will not be responsible to any
other person for providing the protections afforded to customers of
Credit Suisse First Boston (Europe) Limited and Cazenove & Co. or for
providing advice in relation to the Offer.
No offer or invitation to acquire shares in Freeserve is being made by
or in connection with this document. Any such offer will be made
solely by means of a prospectus to be published in due course and any
acquisition of shares should be made solely on the basis of the
information contained in such prospectus. The value of shares can go
down as well as up. Persons needing advice should consult a
professional adviser.
This announcement and the information contained herein is not an offer
of securities for sale or a solicitation of an offer to purchase
securities in the United States; securities may not be offered or sold
in the United States absent registration or an exemption from
registration. There shall not be any sale of these securities in any
jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. No
money, securities or other consideration is being solicited by this
document or the information contained herein and, if sent in response
to this document or the information contained herein, will not be
accepted.
Freeserve has filed a registration statement relating to the shares
and the ADSs with the US Securities and Exchange Commission. Neither
the shares, nor the ADSs may be sold nor may offers to buy be
accepted, prior to the time the registration statement becomes
effective.
Stabilisation/SIB
Date:
Mon Jul 12 8:33:34 1999 GMT/BST
From:
Lom
Freeserve buys Babyworld for 3.7 mln stg; to launch internet-based
credit card
Date: 12 Jul 1999 08:17:00
Service: AFX
LONDON (AFX) - Freeserve PLC said it has agreed to acquire
Babyworld.com Ltd for 3.7 mln stg in cash and shares and is to launch
an internet based credit card with HFC Bank, a subsidiary of Household
International Inc.
The consideration for the acquisition of Babyworld.com will be
satisfied by way of 2 mln stg in cash, payable on completion of the
initial public offering of Freeserve and 1.7 mln stg in new ordinary
shares in Freeserve.
Babyworld.com, an internet business providing proprietary
information services, commerce and community for pregnant women and
new parents, has 6,500 registered users.
Freeserve said in a statement that the payments for each new
internet-based credit card account opened, commissions and profit
share in respect of customer transactions going forward could provide
Freeserve with additional revenues significantly greater than the
value of the 5 mln stg exclusivity payments for the minimum five year
contract.
The card will carry a competitive interest rate and will give
holders benefits including the ability to access their account details
and pay their bills on-line, the group said.
As at June 26 1999 Freeserve had 1.32 mln active registered users,
the group added.
Date:
Mon Jul 12 15:23:51 1999 GMT/BST
From:
Lom
STOCKWATCH: Dixons lower as Freeserve valuation falls short of market
view
Date: 12 Jul 1999 12:41:08
Service: AFX
LONDON (AFX) - Shares in Dixons Group PLC were lower in early
afternoon trade in the wake of the retailer's decision to value its
internet service provider subsidiary, Freeserve, at 1.31-1.51 bln stg
- below sector analysts' estimates of 1.9-2.0 bln stg, dealers said.
At 12:36 PM, Dixons shares were down 9 pence, or just under 1 pct,
at 1,278, underperforming the FTSE 100 index which was up 44.5 points
at 6,607.1.
Issuing the prospectus for Freeserve's flotation Dixons said the
price range for the offering has been set at 130-150 pence per share.
The final offering price will be determined at the end of book
building and is expected to be announced on July 26.
Analysts said Dixons' decision to price the offer at a hefty
discount to the market range reflects Freeserve's lack of trading
record - it has only been going since Sept 1998 - and the parent's
desire to ensure a successful float.
However, they said they fully expected Freeserve to achieve their
1.9-2.0 valuation when dealings begin on Aug 2.
Dixons is floating up to 18.25 pct of Freeserve - with another
1.75 pct being sold to Energis PLC, the telecommunications group that
provides the telecoms systems and modem support.
Meanwhile, Dixons announced two further deals for Freeserve today.
It said it has agreed to buy Babyworld.com Ltd, an internet business
providing information and commerce facilities for pregnant women and
new parents, for 3.7 mln stg. In addition Dixons said Freeserve is to
develop and launch an internet based credit card with HFC Bank, a unit
of Household International Inc.
jdd/ln/
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