UPDATE 1-Investors, banks reach deal on World Online IPO

* VEB in deal with Royal Bank of Scotland, Goldman Sachs

* Related to share price losses after World Online IPO

* Claimants to share 110 million euros max

* Deal follows court decision on IPO
(Adds details)

AMSTERDAM, Nov 24 (BestGrowthStock) – The Dutch VEB investors lobby
said on Wednesday it had reached a settlement with banks related
to the initial public offering of World Online in 2000, a
high-profile dot-com flotation that went spectacularly wrong.

VEB said it would take several more months to finalise the
deal with Royal Bank of Scotland Plc (RBS.L: ) — the legal
successor in the case to now slimmed-down state bank ABN Amro —
and Goldman Sachs (GS.N: ).

It said the 12,000 claimants it represents could share a
maximum amount of 110 million euros ($147 million) which would,
with interest, be more than their share of losses up to April 3,
2000.

The deal follows a November 2009 High Court ruling that
World Online and the banks accompanying the March 17 IPO had
painted too rosy a picture of the value and prospects of the
company, which went to market at the height of the dot-com
bubble.

World Online was founded in 1995 by Nina Brink and was a
leading Dutch Internet service provider. It was floated at 43
euros in March 17, giving it a value of 12 billion euros, but
its share price collapsed after revelations of some events prior
to the introduction, particularly Brink’s sale of her stake
three mnonths earlier for a fraction of the IPO price.

Brink was dismissed as chief executive in April 2000, and
Italy’s Tiscali acquired the firm later that year.
(Reporting by Marcel Michelson; Editing by Will Waterman)
($1=.7466 Euro)

UPDATE 1-Investors, banks reach deal on World Online IPO