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Monday, 17 April, 2000, 11:12 GMT 12:12 UK
Yes TV says 'no' to flotation
Wall Street trader
Market prices on Wall Street forced Yes TV to rethink their flotation
Cardiff-based Yes Television has confirmed it is to put its proposed flotation on hold as stocks plunged.

But the video-on-demand (VOD) provider said if markets stabilise it could go ahead with its listing as early as Tuesday.

The company says it was forced to rethink flotation plans after a sharp downturn in share prices following Wall Street's biggest one-day point losses on record.

"If the markets stabilise we may carry on as early as tomorrow," Yes TV's head of marketing Steve Garvey said.

"We are determined to get this flotation on track but we can't get the pricing right in this market."


Remote control
Yes TV hopes to use internet technology to provide interactive television services
Yes TV, which uses internet technology to offer interactive television services, was due to announce the offer price for its flotation and start conditional dealing in its shares on Monday.

Analysts said the company - which employs 60 people - may still be forced to cut the price of its shares by 25%, valuing the company at 600m.

"If the Nasdaq goes the right way then we will be in a position to reconsider this afternoon," said Mr Garvey.

"We're talking about a matter of days, not weeks or months."

Founded by investment banker Thomas Kressner, Yes Television had hoped to raise 193m pounds from the sale of a 25% stake in the company.

"The concern remains to make sure we look after our investors.

When the market stabilises we'll be able to price the offer more precisely," Garvey added.

Yes Television is not the only casualty of recent market turmoil. Software company OneClickHR also delayed its flotation on London's junior Alternative Investment Market.

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17 Apr 00 | Business
Global share plunge
16 Apr 00 | Business
AltaVista postpones flotation
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