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More corporate moves from Bob Geldof, who it seems is planning to float his Wap World mobile phone/Internet company on the London…

More corporate moves from Bob Geldof, who it seems is planning to float his Wap World mobile phone/Internet company on the London market later this year with a valuation of around £100 million sterling (#162 million).

Wap World is a joint venture between Geldof, former English rugby international Brian Moore and Internet provider Jingo Communications and provides news, sport, horoscopes and other hugely useful stuff over the Net to mobile phone users.

Geldof has become something of an Internet entrepreneur since he sold off his stake in the Planet 24 television company to Carlton Television a year ago for £5 million. First was the online travel agency deckchair.com and now Wap World. Wap World has already signed a deal with the Carphone Warehouse which will sell mobile phone with Wap World pre-installed.

Incidentally, given the experience of lastminute.com which is now trading £1.20 sterling below its flotation price, maybe people will now look a bit more circumspectly at Internet investment opportunities.

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Lastminute.com is really little more than an online corner shop offering no unique service which could not be replicated or improved by another provider. Baltimore shares might have dived this week, but at least Baltimore and other Irish tech firms like Trintech are providing a product that is crucial to the operations of e-commerce.

Baltimore might have been bid up to ridiculous levels in the midst of the recent Internet hype and may be in danger of being the shortest-lived FTSE-100 member ever, but Merrill Lynch still has a 12/18 month target of £145 sterling for the shares.