This company floated on AIM today. Already recording spectacular growth (see announcement). Could be a rival for paypal and (conceivably) Earthport, but branching into other areas such as the currently clumsy 'swift' banking.
Well worthy of close inspection.Floated today i bought in just below float price, of 200p, @197.55p.

NETeller joins AIM. Announcement as follows:

"NETeller plc, one of the leading online money transfer services, is pleased to announce the admission of its shares to trade on the Alternative Investment Market (AIM) of the London Stock Exchange plc.

Highlights:



In conjunction with the AIM Admission 15,000,000 new ordinary shares have been placed on behalf of the Company at a price of 200p per share. In addition 2,500,000 existing ordinary shares have been placed at a price of 200p on behalf of selling shareholders

As a result 30 million has been raised for the Company and 5 million for selling shareholders.

The Directors intend that the net proceeds of the Placing will be used for website development, to make acquisitions, and for general working capital.

The principal purposes of the Admission are to create a public market for the Company’s ordinary shares; to raise its profile and status; to enable employees to be incentivised by the grant of options in publicly traded shares; and to provide access to capital.

Canaccord Capital (Europe) Limited (“Canaccord”) is the Nominated Adviser and Joint Broker for the Admission. Durlacher Limited is also Joint Broker to the Admission.


Commenting on today’s announcement, Gord Herman, CEO of NETeller said: “The level of institutional support for NETeller’s placing has been very satisfying. Having successfully completed this stage of the Company’s development we are now committed to getting on and delivering for our shareholders.”
- Ends -


Overview
The NETeller Group operates an online money transfer service that utilises and extends the existing international banking structure to provide a secure means of transferring funds worldwide. A NETeller System account is like a virtual wallet which enables Members (an individual who has opened a NETeller account) to deposit, withdraw and transfer funds to any Merchant (or internet site) that supports NETeller System online payments for goods or services. In June 1999, Stephen Lawrence, the founder and major shareholder of the NETeller Group, conceived the idea of an ‘e-wallet’ that could be used to fund Internet based transactions without the security risk of processing each transaction at each separate Merchant site. In August 1999, John Lefebvre teamed up with Stephen Lawrence to develop the concept and to assist with raising capital.

As at 31 December 2003, there were approximately 586,500 Members using the NETeller system, growing at 1,600 per day. At the same point there were 1,250 Merchants registered to use the NETeller System. Since processing began in July 2000, an average of 30 new Merchants have been added each month.

To date the most receptive market segment to NETeller Group’s ‘e-wallet’ concept has been the online gambling market.

In 2000, private funds of US$200,000 were raised to establish the NETeller Group. Growth to date has been financed by internally generated cash flow.

Gord Herman, was appointed Chief Executive Officer in February 2003 and under his stewardship NETeller HAS INCREASED MONTHLY REVENUE from US$866,000 (September 2002) to approximately US$4.335m (December 2003). In the year ended 31 August 2003, NETeller generated annual profits of US$13.5m, before other income and expense.

moneyplus - RNS out today, approval from FSA. Do not sell yet these are going higher. Fantastic growth on a low p/e.

capa

moneyplus - NETeller
up 18% today on news of authorisation from fsa to oporate as a reglated
e-money issuer.
also the momentum investor tipped this stock in this months issue @ 2.49
and views it as a potential multibagger, i am holding on as news will almost
certainly be positive following fsa approval.
hope this helps.

regards HUSTLER

Getting more excited by the minute to have finally picked a good!! I've had some real dogs lately so I'm holding on to this one. I feel it could go a long way up.

moneyplus - ditch those dogs and run your winners :-)

capa

I am glad I have hung in, still moving this morning, and that good news was mighty good :)

Simon

Expect some profit taking from lunchtime--then I hope more buying before the close. Who thinks 5 a share soon??

Expected some sort of retracement today, nice surprise to see hitting a new high instead.

capa

pleasent surprise to see still rising today as the market took a hit, support
still appears to be good,hang in for more.

regards HUSTLER

Some very large buys showing on Comdirect and only small sells-I think the institutions must be picking this up now. Still no real press comment though, I can't understand why all this good news and excellent trading is ignored!!
The SP will take off again when Shares and IC feature NLR. I'm hanging in!!

180,000 T trade, this could be ready for another push. So soon after the last one !!

capa

Can't believe there is so little interest on this bb !

Dil, don't complain about it, I always think it a good sign. Indicates that you have got in early before the herd and as such got a better price. Wait until these are being tipped by everyone at 4.00 and smile.

I started a thread on NRG when the price was under 1.40, nobody but me contributed so I gave up posting. Sold out a couple of months later at 1.70 for a nice 20% profit.

capa

I read somewhere they hope to be given the contract for the massive Asian gambling market--this could be waiting in the wings and keeping the share steady. I expected some profit taking but only small sells and some big buys coming through. Anyone heard of this new deal for NLR?

not heard of any deal Moneyplus but there has been talk of NLR lookng to tackle the Asian market. Makes your eyes water to think of the earning potential there.

capa

I may be very optimistic but I expect that NLR will at least double again over the next twelve months. I just can't see any reason for this company to stall--maybe PAY might be strong competition but don't know enough about it yet to comment. Another one worth watching though IMHO.

moneyplus, if we keep getting buys like that 150,000 thats just gone through I agree that the price may double. Not quite sure where the mms are getting the shares from !

capa

That may be a sign the institutions are buying in--agree about where the shares are coming from. They are not getting mine!!

hard to see what is a fair price, earnings are going to outstrip any forecasts by a country mile and the growth is enormous. Just feel that current price is low.

capa

I think it can be assumed that 250,000 T trade is a buy.

capa

I heard on the grapevine the directors are doing the rounds to keep the fund managers on side---so far so good!! Good day today. Any comments on PAY? This is new to market and I would like to buy as soon as I can squeeze some funds from somewhere, can't at the moment but I think it will be a while before this gets going a bit like NLR.