Brit's Yes TV pulls plug on IPO notion

Company considers options, in talks with investors

By REUTERS

LONDON — British video-on-demand operator Yes Television has reportedly abandoned its IPO after investors fled the offering amid a selloff in technology stocks.

Yes TV, which has already postponed its listing once and slashed its flotation price by 30% last week, is now considering alternative funding options and is in talks with possible strategic investors, newspapers reported Sunday.

“In the light of adverse market conditions, notably in the technology sector, the directors of Yes Television have decided to withdraw the global offer,” the Sunday Telegraph quoted Yes TV as saying.

Dealings in Yes TV shares were due to start today after the company cut the price for its offering to £1.75 per share last Tuesday from an original range of £2.25-£2.75.