Net firm defers listing on AIM

Ireland Netinvest.com, a start up venture capital company planning to invest in Irish Internet and technology companies, has deferred plans to list on London's Alternative Investment Market (AIM) until June 19th.

The company, which is partly owned by Irish businessmen, Mr Thomas Jones and Mr John McKeon, was scheduled to begin trading yesterday on the AIM, but says it has extended the marketing period for the stock in the UK because of growing investor interest there.

Ireland Netinvest.com plans to raise at least £5 million sterling through the offering, but increasing investor interest may bring it closer to an upper £20 million sterling target, according to the company.

Ireland Netinvest.Com is a sister company to a British operation, Netvest, which was floated on the AIM market last year and invests in fledgling British Internet operations.

According to Mr Eoin O'Lideadha, associate director of NCB Stockbrokers, which is handling the flotation: "We met with the directors of the company last week, and have been assured the investment money is there. But with various individuals on holidays, and the recently unsettled market, the directors say they want to hold out until they are as ready as they should be."

NCB says it has provisionally reached the initial £5 million target which would involve £20 million shares being placed at 25p each. If the company raises the maximum of £20 million sterling it will have to offer 80 million shares, a considerable dilution of the shareholding of the start-up shareholders, which currently stands at 14 million shares.

Investors in the placing will receive a warrant allowing them to buy one additional share for every two already held at a price of 38p each, within two years of the shares being admitted to AIM.

Netvest holds a 13.4 per cent stake in Ireland Netinvest.com, while Mr Jones and Mr McKeon also have 13.4 per cent stakes. A former senior manager with Price Waterhouse, Mr Jones established the Paco chain of clothes shops.

The company is chaired by former banker Mr Gerald O'Mahony.