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To: Dale Baker who wrote (2036)	7/15/1999 6:03:00 AM
From: Dale Baker	Read Replies (2) \| Respond to of 3519

Thu, 15 Jul 1999, 5:57am EDT Freeserve IPO Is Overvalued, According to Broadview Associates London, July 15 (Bloomberg) -- Broadview Associates LP, a U.S. investment bank, said the 1.3 to 1.5 billion pound ($2.04- $2.35 million) initial public offering valuation for U.K. Internet service provider Freeserve is too high, the Financial Times reported, citing Victor Basta, Broadview's London-based managing director. Freeserve, a subscription-free service launched by U.K. electronics retailer Dixons Plc, offers no portal service or content to its customers, even though it is valued at about $1,500 a user, more than U.S. companies such as Yahoo! Inc., the bank said. Broadview said Freeserve must ''reposition itself very quickly as a portal'' to justify its valuation, the FT reported. Freeserve, the U.K.'s largest Internet provider, is unlikely to post a profit in its first year, the company said June 22. (FT 7/15 18 www.ft.com)