Yes TV insists float is back on track as tech shares recover

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The Independent Online

Yes television, the video-on-demand company that pulled its flotation on Monday, yesterday confirmed it would press on with a listing by 22 May.

The company said that the timetable for the float, which currently values Yes at £810m, was altered solely because of the volatility in the stock market, prompted by the falls on Nasdaq on Friday.

Steve Garvey, Yes TV's head of marketing, said: "We'll be looking at the markets closely over the next few weeks, and will consider the price range when we decide the time is right to float."

Yes's current price range of 225p to 275p would raise £193.4m, though an adjustment lower would cut the offer's proceeds.

The traditionally longer Easter break in Europe means it is unlikely the company will come to the market before the week after next.

The issue hit setbacks last week after it emerged that NTL, the cable network, was ending trials of Yes's video-on demand technology in Cardiff.

On Friday, the last day of the bookbuilding, Yes was forced to issue a statement saying that it was still possible that Kingston Communications, the Hull-based telecoms company, would continue to trial the service.

This followed rumours that Kingston was also about to pull the plug.

These developments have meant that Yes has had to publish a five-page supplementary prospectus, since the NTL and Kingston video-on-demand trials are cited in the main prospectus.

Mr Garvey dismissed suggestions that the confusion surrounding NTL's and Kingston's continuing relationship with Yes was behind the delay of the float.

"Revenues from supplying video on demand over cable have never featured in our business plan. We're still in discussions with Kingston Communications," said Mr Garvey.

Retail investors were sent e-mails on the new timetable yesterday. They will have a chance to withdraw from the issue, though those choosing to do so will not be readmitted.