Panamanian white knight swoops on jilted Radionet

Friday 16th February 2001

SHAWN OKUN: A man with a prodigious past in the computer industry, including fixing problems for Microsoft

By Nicholas Bryant

In the wake of Jump Capital's decision to abandon funding Wilson Neill Corporation's 100% subsidiary Radionet, Panama-based WeCU.com has stepped in to save the day.

A wireless internet provider to big business, Radionet has been seeking funding to build its network domestically, into Australia and eventually into Asia.

An unconditional agreement signed yesterday will give WeCu.com a 27% stake in Radionet for $17.5 million, with an option to increase its holding to 50% for a further $20 million over the next two years.

WeCU.com founder and chief executive Shawn Okun said he was excited about providing technology and services to the local market that had not previously been available.

"A lot of our technology is proprietary so Kiwis will be offered something pretty exciting," Mr Okun said yesterday.

A man with a prodigious past in the computer industry, including fixing problems for Microsoft in its early days, Mr Okun said he had literally been a software developer since childhood.

He started WeCU.com, a wireless internet company specialising in MMDS (multi-channel, multi-point distribution systems) technology, in the Caribbean region five years ago.

Its advanced applications of the technology have spurred rapid growth, with offices in Costa Rica, Vietnam and Pakistan and working affiliates in China, Japan, Canada, Central America and the US.

Wilson Neill group general manager Phil Vosper said he was encouraged by the WeCU.com deal after Radionet's Australian Mt Conqueror backdoor listing, NZSE listing plans and then a Jump Capital equity injection all fell over.

He also said some synergies would arise between WeCU.com and Wilson Neill's likely 30% owner Tim Connell of IT Media.

On Tuesday, March 6 Wilson Neill shareholders will be asked to vote on whether their company should acquire IT Media for $15.26 million, settlement of which would be made by the issue to Mr Connell and IT Media's 10% owner Eric Watson, of just over 250 million 6c Wilson Neill shares.

That would give IT Media a 30% stake in Wilson Neill Corporation.

Mr Vosper said early indications from large Wilson Neill shareholders had been positive about the deal.

Comments from our readers

No comments yet