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Gold/Mining/Energy : Cybersurf (CY.A) - Bridge between 20th & 21st Centuries -- Ignore unavailable to you. Want to Upgrade?

To: CocoBob who wrote (2151)	7/24/1999 11:45:00 AM
From: LABMAN	Read Replies (1) \| Respond to of 3243

from the london evening standard re: GERMAN VERSION OF FREESERVE Home - Yahoo! - Help Business Headlines \| Markets & Companies News \| US Markets News Personal Finance News \| FT Business Round Up \| This is London Business Day Yahoo! UK & Ireland Finance Friday July 23, 5:02 PM Germans to cash in on Internet float fever By PATRICK HOSKING A German internet business plans to take advantage of Freeserve-inspired web fever in Britain, trying to attract British institutional investors to its Dm600 million (£200 million) flotation next month. Frankfurt-based Gigabell, along with its advisers HSBC, will be wooing London investors next week as part of a roadshow to drum up international interest in its shares, alongside a retail offer back home. Gigabell describes itself as one of the top 10 German internet companies, offering internet access, like Freeserve, as well as telephone and e-commerce services. It operates under the Yellowww brand name, a business portal attracting two million hits a month. It has only 30,000 subscribers but expects subscriber numbers to grow to 80,000 by the end of the year. Eight million Germans use the Internet, though the access market is dominated by Deutsche Telekom, through T-Online, with three million subscribers, and AOL. Cable & Wireless-owned ECRC is also a key competitor. Gigabell lost Dm1.57 million on sales of Dm18 million last year, but HSBC forecasts it will move into profit next year. The offering consists of a primary offering of 700,000 new shares designed to raise at least Dm50 million, as well as a secondary offering of 500,000 existing shares to give a partial exit to Gigabell founder and chief executive Daniel David, whose control will be diluted from 95% to 76% of the business, and to HSBC. HSBC has estimated the enterprise value of Gigabell at Dm660 million. Its roadshow arrives just as the £1.4 billion Freeserve float by Dixons is generating maximum interest. The deadline for Freeserve applications closed yesterday and the float is thought to have been at least 10 times subscribed. Category : This is London - Business Day Previous Story: Vivendi chief sets a bruising pace of change (This is London - Evening Standard) Next Story: Scoot seeks £15.5 million (This is London - Evening Standard) Business Headlines \| Markets & Companies News \| US Markets News Personal Finance News \| FT Business Round Up \| This is London Business Day Click Here to visit the This is London Web Site Comments to: news-admin@uk.yahoo-inc.com