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Yes TV drops listing plan
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May 22, 2000: 4:10 a.m. ET
UK video-on-demand operator cancels London share sale as tech decline bites
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LONDON (CNNfn) - The planned stock market listing on Monday of British video-on-demand operator Yes Television became the latest casualty of investor disenchantment with the media and technology sector.
Yes had planned to sell around 24 percent of its equity, but announced Sunday it had canceled its share sale plan for the second time in a month and planned to seek strategic investors.
The firm last week slashed the planned offer price by around 30 percent from the level it had previously published in the run-up to a canceled listing in April, valuing the stock at 170 pence a share and the firm at around £558 million ($830 million).
Yes on Monday cited adverse market conditions and "approaches from a number of potential strategic investors" as factors behind the decision to call off the initial public offering. London's leading gauge for growth stocks, the techMARK 100 index, slumped 8.7 percent Friday.
Last week's collapse of online sportswear retailer boo.com also clouded investors' views on the tech sector. Yes also suffered from regional phone operator Kingston Communications' (KCOM) decision to drop the fledgling company as a partner for its video service. 
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Yes Television
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