Airline boys ready to take off with new telco repair venture

By Nicholas Bryant

Friday 20th October 2000

Sir Selwyn Cushing

Ross Keenan

Air New Zealand executive chairman Sir Selwyn Cushing and former Ansett New Zealand chief executive Ross Keenan are floating a company together.

The $1.2 million company, expected to be listed on the Stock Exchange's New Capital Market (NCM) in the next two weeks, aims to expand the Telecom repair and maintenance business of Takanini firm Cabletalk.

It will also acquire several similar operations including McBreen Jenkins and Astute Networks.

Mr Keenan will be chairman and Sir Selwyn a director with Cabletalk founder Ross Watton and existing Cabletalk shareholders and directors Dean Stuart, John Armstrong and Peter Wilson also involved.

Mr Wilson was general manager for marketing at Ansett New Zealand.

As an NCM listing, the company's directors will invest 50% of the capital with the other half available to the public after listing as 50c shares.

Craig and Co of Tauranga is the organising broker with the prospectus expected to be signed off by the companies office and the Stock Exchange next week.

The NCM system encourages investors to back a person or identity behind a listing rather than a company but until now there have been few well-known corporate figures involved.

One big advantage of an NCM listing is there is less disclosure required than to float on the main board.

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