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Business: Totalise hands out shares.

Internet service provider Totalise yesterday handed out the first batch of free shares to the first 1,500 of its 18,000 registered users.

The Skipton-based group made its debut last month on Ofex, the lightly-regulated stock market for small companies, with an offer of 250 free shares to the first 25,000 people who signed up as registered users.

Shares in the group began trading at 20p each on July 28 and have since risen to 30p.

The next allotment of shares is planned for early next month.

Co-founder and former GP, Mr Peter Gregory, said: "We have been surprised by the response to the offer.

"We received a lot of interest in the early days of the offer, which is still open."

Totalise said at the time that its registered users can earn an average of 3,500 shares each over a two-year period by using additional services or introducing new users.

The incentive offer was designed to attract users away from Internet giant Freeserve, the ISP set up by electronics retailer Dixons late last year.

Mr Gregory, who came up with the idea to set up Totalise in January this year, sold about 400,000 of his seven million shares in the company at the time of the flotation.

Totalise hopes that by the end of next month most of it (67 per cent) will be owned by registered users, with the remaining shares held by Mr Gregory and managers.
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Publication:The Birmingham Post (England)
Date:Aug 25, 1999
Words:243
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