CPS Capital Group Managing Director Mr Tony Cunningham said HarvestRoad's better performance demonstrated that to avoid disgruntled shareholders stockbrokers must learn to price conservatively.

1. Internet harvest starting to sour
The Sydney Morning Herald

2. Author: Author: By: KATRINA NICHOLAS Date: 08/09/1999
Perth-based Internet software maker HarvestRoad had a steady debut on the ASX yesterday, but
market watchers said the path for Internet floats remained slippery, with jaded retail investors
now turning to biotechnology stocks.
Internet companies still waiting to go public include Internet Service Provider iiNet, online finance
player Investor Web and Fairfax Online.
InvestorWeb and iiNet are set to list on September 30 and Fairfax is expected to announce a float of
its Internet business as soon as this afternoon, when it issues its full-year result.
HarvestRoad performed better yesterday than other recent Internet floats such as eisa and Isis, which
both listed last week at a discount to their issue prices.
Harvest began trading at 63c, a 3c premium, and dipped to 57c before recovering to close at
60c. Trade was sluggish with just 822,300 shares changing hands.

3. Author: Author: By: KATRINA NICHOLAS Date: 08/09/1999
The Perth Internet software developer raised $6 million issuing 10 million shares at 60c each. A
further $1 million was raised in oversubscriptions.
However, Ms Caroline Egan, equity researcher with Commonwealth Securities, said that despite
recent gains on Nasdaq, retail investors were beginning to shy away from local Internet stocks.
``There really wasn't much support from retail investors for HarvestRoad yesterday," Ms Egan said.
``It looks as though retail investors are switching out of Internet stocks and into biotech stocks. They
are still looking for capital gain, but the Internet bubble has burst.“
She also said most buying and selling in HarvestRoad was from the float's joint underwriters,
Falkiners Stockbroking and EL&C Baillieu Stockbroking..
Yesterday the recently listed eisa and Isis put in nondescript performances, with the former hitting
an all-time low of 71c before recovering to close at 75c and the latter remaining steady at 62c.
Isis raised $55 million while eisa raised $57 million.

4. Author: Author: By: KATRINA NICHOLAS Date: 08/09/1999
CPS Capital Group Managing Director Mr Tony Cunningham said
HarvestRoad's better performance demonstrated that to avoid
disgruntled shareholders stockbrokers must learn to price
conservatively.
``The stock will be competing with a lot of other companies' stock
and if you can make it cheap and attractive, you are going to
win a lot of friends.“
But an adviser with Shaw Stockbroking, Mr Mal Webber, said predicting the
performance of Internet stocks yet to list was still difficult. ``It's all in the eye of the
beholder really," he said.

5. Author: Author: By: KATRINA NICHOLAS Date: 08/09/1999
``Some [Internet stocks] will fail and some will succeed it's all very arbitrary and defies a clean
analytical approach."
Associate director with William Noall Mr Peter Lyon said of the next two Internet companies to list,
InvestorWeb was a ``better bet". Its float, which closed oversubscribed this week, raised $10.23
million through an issue of 51.16 million shares at 20c each..
The Melbourne-based company, which has more than 26,400 registered customers and owns funds
management group Investors Mutual, revealed a net profit after tax of $310,000 for the last
financial year.
This figure is expected to grow to $1.44 million this year and to $2.85 million next year.
In contrast, Perth ISP iiNet is offering shares at $1 to raise $15.75 million.

6. Author: Author: By: KATRINA NICHOLAS Date: 08/09/1999
``I'd be more relaxed about InvestorWeb holding its price than iiNet," said Mr Lyon. ``For iiNet to be
asking $1 is a big call."
HarvestRoad
Money raised $7 million
Issue price 60c
Close on first day 60c
Coming floats
InvestorWeb $10.2m Sept 30
iiNet $15.75m Sept 30
Fairfax Online Undecided

7. Author: Author: By: KATRINA NICHOLAS Date: 08/09/1999
``I'd be more relaxed about InvestorWeb holding its price than iiNet," said Mr Lyon. ``For iiNet to be
asking $1 is a big call."
HarvestRoad
Money raised $7 million
Issue price 60c
Close on first day 60c
Coming floats
InvestorWeb $10.2m Sept 30
iiNet $15.75m Sept 30
Fairfax Online Undecided