Totalise plc, the UK ISP which launched in July 1999 with a
revolutionary offer of free shares in the company for all
subscribers, yesterday announced that from 30th April 2002 the
company will cease the issue of free shares.
Masons, the firm behind OUT-LAW.COM, advised Totalise on the
launch of its service which provided members with fully paid shares
in the company which could be traded on OFEX.
Ending the offer fulfils a promise made in the company
prospectus for its move from OFEX to a listing on the AIM market of
the London Stock Exchange around a year ago. The company said in a
statement that the ending of the offer is designed to underpin the
share price by removing any possible concerns about future
dilution.
Peter Gregory, CEO of Totalise, said:
"The tradable marketing shares have proved
themselves to be a very effective marketing incentive, and some
185,000 customers have been brought to the company as a result. We
feel that our product and service portfolio is now sufficiently
established to operate without the need for this type of incentive,
and this announcement should also address those with concerns
regarding dilution within the company shareholding, which currently
stands at 69.3 million shares."
