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November 3, 1999

Affinity Shares Soar on Powergen Deal

By CBR Staff Writer

Affinity Internet Holdings Plc, the AIM-listed internet and telecoms service provider, found itself the beneficiary of a 30.5% surge in its share price yesterday on the news that it has won a deal to provide UK utility Powergen with virtual internet access. Powergen intends offering discounts on household bills to users of its subscription-free internet access service. CEO Wayne Lochner told ComputerWire that the company would soon also offer branded telephony services using Affinity’s channel services, creating further revenue opportunities.

When the news broke on Tuesday, Affinity’s price rose 14% and at the close of trading yesterday it stood at 600 pence. The announcement could not have come at a better time for Affinity, as confidence in UK internet stocks was suddenly restored. Almost every London Stock Exchange and Alternative Investment Market net stock soared, notably VirtualInternet.com Plc, which added 47.5% to its price, following Tuesday’s rise of 13.35% after it changed brokers and was tipped by a Sunday newspaper.

Affinity took advantage of the good feeling yesterday to announce that it is still seeking investment to fund its next stage of expansion, following an announcement early October that it is in negotiations with several trade investors for further capital. These negotiations have not yet been concluded, and Affinity let it be known that it is still open to offers.

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