Announcement by Liberty Surf Group
Kingfisher PLC
3 March 2000
Announcement by Liberty Surf Group S.A.
Kingfisher draws attention to the attached announcement by Liberty Surf in
France at 08.30 (CET) on 3 March 2000.
Liberty Surf is one of Europe's premier internet providers and 45.5 percent
owned by Kingfisher.
For further information
Kingfisher plc +44 (0) 20 7724 7749
Web www.kingfisher.co.uk
Media enquiries
Gwen Gober - Director of Corporate Affairs +44 (0) 20 7725 5714
Broker and Institutional Enquiries
Keith Williams - Director of Investor Relations +44 (0) 20 725 5776
France
Graham Fairbank
- Head of Corporate Communications +33 1 43 18 52 26
PRESS RELEASE
LIBERTY SURF TO LIST ON PARIS PREMIER MARCHE
A global Internet and Telecoms player with a strong presence in the principal
European markets, with a clear and ambitious strategy and a successful
business model, the Liberty Surf Group has the ability to create strong
shareholder value.
Liberty Surf, the leading free internet access provider in France, has been
granted approval (Visa No. 00-240) by the Commission des Operations de Bourse
to list on the Premier Marche (main market) of the Paris Bourse, via a global
offer of shares to institutions and a retail offer in France. Deutsche Bank
is acting as Global Coordinator and Bookrunner. Liberty Surf has appointed a
syndicate of banks to assist Deutsche Bank in the Offering, which comprises
BNP Paribas, Credit Lyonnais, Merrill Lynch, Societe Generale, HSBC. French
retail lead manager is BNP Paribas.
The estimated value of the offer will be Euros 2.5bn - 3 billion (FFr 16.4 -19
billion). Shares will begin trading on 16 March 2000.
Liberty Surf was the pioneer in launching a free internet service to French
consumers and is now the fastest growing ISP in France, ranking as the number
two in France in terms of registered users.
With the support of its two powerful founding shareholders, Kingfisher and
Europ@web and the resulting synergies in distribution and content, Liberty
Surf is well-positioned to enjoy strong growth in France and internationally,
both organically and through an aggressive acquisition strategy (to date:
Nomade, Respublica, AXS Telecom, Netradio, X-Stream(UK), Hispavista (Spain).
Liberty Surf's internet service is based on three fundamental principles: free
access to the Internet, attractive and diverse content, and - as a Telecoms
operator - internet-telecom convergence.
The Company has ambitious plans for international expansion: the combination
of the extensive Kingfisher retail network in the UK and France with the
acquisitions of X-Stream (pioneer of free internet provision in the UK) and
Hispavista (a major Spanish language internet provider) will enable Liberty
Surf to establish a strong presence in the UK and other principal internet
markets in Europe.
Internet penetration in Europe is expected to grow substantially over the next
few years, with an expected 39% annualised growth rate in Europe to 2003. The
Company expects France to constitute a large proportion of the European
Internet market - from 8.5 million users at the end of 1999 to 34 million by
the end of 2003. Five countries are expected to represent 80% of total
European Internet users by 2003. They are France, Germany, UK, Spain and
Italy and these are therefore top priorities for Liberty Surf's European
expansion.
Through its global perspective and visionary strategy, Liberty Surf offers a
successful business model that is structured for growth, with revenues derived
from connectivity, advertising and e-commerce.
This has enabled Liberty Surf to attain its current strong market position as
the leading French free internet access provider, with more than 800,000
registered users at 28 February 2000, and the strongest growth in the number
of subscribers. To date, Liberty Surf has more than 1.4 million subscribers
in Europe and more than 60 million pages viewed every month.
Commenting on the offer, Pierre Besnainou, CEO of Liberty Surf, said: 'In less
than a year, the Liberty Surf Group has already managed to build up a pan-
European brand, with strong positions in the fastest-growing European markets.
Our vision for growth has already translated into a fast-track implementation
policy: three acquisitions in France, one in the UK and one in Spain.
'We already enjoy strong support from our two largest shareholders, Europ@web
and Kingfisher, who respectively provide us with innovative content and
established distribution channels. The funds raised from the IPO will allow
us to continue to drive the growth of the business through a combination of
aggressive marketing across a broad European base and through strategic
acquisitions.'
A preliminary prospectus relating to the listing of Liberty Surf Group SA
shares on the Premier Marche (Reglement Mensuel) of the Paris Bourse was
granted the COB (Commission des Operations de Bourse) visa No. 00-240 on 1st
March 2000 with the following warning : 'The COB (Commission des Operations de
Bourse) draws the public's attention to specific characteristics of the
Company, particularly its lack of historical precedent, and to risks which may
arise from this'. Copies of the prospectus are available from the Company's
headquarters at 10 rue Fructidor, 75834 Paris Cedex 17, by telephone on
freephone 0800 119 119, from Deutsche Bank or from any authorised financial
representative as well as on the website libertysurf.com.
For information contact:
UK - Financial Dynamics, Hugh Morrison/ Shirley-Anne McAndrew,
Tel: + 44 (0) 207 831 3113
Deutsche Bank, Hubert Keller/Charles-Henry Gaultier
Tel: +44 (0) 207 547 0134
France - Euro RSCG, Stephanie Raynaud - Euro RSCG Corporate
Tel: + 33 1 41 34 45 49
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