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Johannink's PX2 rises from Phoenix's ashes

By Deborah Hill Cone

Friday 19th September 2003

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Moneyraiser extraordinaire Robin Johannink has formed a new company, PX2, and is investigating whether to begin another startup project.

The venture capitalist's previous company Phoenix Management, which was involved with cash-burning entrepreneurial ventures, Ilion, Virionyx, Vortec and Diatranz, has been shut out of its offices in Auckland's Vero Centre for unpaid rent.

Mr Johannink (46) is no longer involved in the management of those companies but has formed a new entity, PX2, which Companies Office records show is jointly owned by himself and accountant Brian Hubbard.

The company was incorporated in April and documents show Mr Johannink as the only director and his home in Remuera, Auckland, as the company's address.

Mr Johannink told The National Business Review he had been trying to take a break but so many proposals had been put in front of him he was looking at several new projects.

PX2 was set up as the potential vehicle for a new project which he described as "a financial instrument" which he had been developing.

There were a couple of months of "actuarial work" ahead before deciding whether the idea was viable.

"We're just seeing if it will work," Mr Johannink said.

He would not give details of the proposal ­ "I've got no comment for three months" ­ but it is believed to be a loyalty scheme programme with a difference. Instead of getting points that can be redeemed for goods, a consumer collects points that go toward cash in a pension fund.

If Mr Johannink does go ahead with the plan he may find he has a lot more red tape to deal with than he has experienced with his previous ventures.

Securities Commission general counsel Liam Mason said that sort of proposal would probably have to issue a prospectus to consumers.

And another loyalty scheme, Kachingo!, which looked like it may be an international success when it launched, collapsed last year.

Mr Johannink said he would decide at the end of the year whether to go ahead with the project.

But in the interim he was also involved in promoting his daughter's singing career.

He returned NBR's call from overseas but declined to say where he was calling from.

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