says it all

FALLEN dotcom hero LookSmart will sever its remaining ties with Australia when it delists from the local stock market on October 1.


Now a Victorian Labor MP, Evan Thornley took LookSmart public on the ASX in 2000

The delisting will follow a three-month suspension of LookSmart's shares from trading on the Australian Securities Exchange, which will commence from the middle of next week.
The company, which was founded by dotcom entrepreneur turned Victorian Labor MP Evan Thornley, listed on the ASX in February 2000 following an initial public offering on the US' Nasdaq stock share market that was completed in 1999.

LookSmart will maintain its listing on the tech heavy Nasdaq and the decision to delist from the ASX reflects LookSmart's gradual withdrawal to the US over the past few years.

At its peak LookSmart had offices in countries such as Britain, Australia and the US. It also operated sites for the US, Britain, Canada and Netherlands, and built internet directories for Japan, Korea, France, Singapore and Spain, among other countries.

The company once boasted a share market value of $US7 billion but is now worth just $US92.5 million following a rout of its earnings and revenue four years ago when it lost Microsoft as a major customer.

LookSmart continues to contest the local search and online advertising markets in the US, but is not yet willing to set a target for when it might again deliver a full-year net profit.

LookSmart recorded its last net profit in 2003.