SkyNetGlobal listing in London

Sydney-based wireless access provider SkyNetGlobal expects to achieve a dual listing, trading on the alternative investment section of the London stock exchange as well as the ASX from 1 February.

SkyNetGlobal said in a statement that it was about to list on the London Stock Exchange's Alternative Investment Market (AIM) in the UK. The company had issued its formal annoucement and would secure debt and equity arrangements amounting to some $2.5 million from private investors if the listing went ahead.

Jonathan Soon, chief executive officer at SkyNetGlobal, said the listing would help it raise funds for further growth.

"SkyNetGlobal is close to achieving a dual listing, which will be a major landmark in its history and a positive move for shareholders," he said.

Soon said two "high calibre" businessmen would serve as new, independent non-executive directors should the London listing go ahead.

One of the new directors would be John Croft, a UK-based former senior executive of IT companies such as Racal Datacom, NCR, Home Media Networks, startup Future Route and online retailer Streets Online.

The other would be Christopher Bregenhoj, an Australian investment banking executive with 13 years of experience in Hong Kong. Bregenhoj had worked for Gemini Investment Holdings, First Equity Capital and was currently a director at Network Ltd, which is listed on the AIM and the ASX.

The London Stock Exchange says on its website that AIM was set up to target growing businesses around the world. "AIM combines the benefits of a public quotation with a flexible regulatory approach," it said.

Since AIM opened in 1995, more than 1300 companies had been admitted and more than £11 billion ($27.2 billion) had been raised altogether.