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Back door listing for Vocus, David Spence to chair
Stuart Corner
Tuesday, 13 April 2010 14:53
Australian wholesale voice and data provider Vocus Communications is to make a back door ASX listing via First Opportunity Fund Limited (ASX: FOF), a fund managed by Investec Wentworth Private Equity.
David Spence, former CEO of OzEmail and former managing director of Unwired will take on the role of chairman of the company once the transaction is completed.
In addition the company will seek to raise new capital of $6m via a share placement and public offer underwritten by Investec.
Vocus CEO James Spenceley, said: "This deal gives Vocus much more visibility in the marketplace and access to funds via future capital raisings. It will also allow us to grow both organically and through strategic acquisitions, improving our ability to compete for significant contracts locally and internationally."
He told iTWire that Vocus had been looking at an IPO when the opportunity of listing via FOF came along. "We were looking at a public listing and were introduced to the Investec guys and the First Opportunity and it took off from there. We really liked the experience and the quality and calibre of the people behind Investec."
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