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RealTime IT News

VivaNet: The Investment of Tomorrow

[Sydney, AUSTRALIA] Mid East Minerals, soon to be renamed Tomorrow Ltd, has made its first investment as part of its strategy to become a new economy company.

Led by Wayne Bos, the former mining firm will invest in recently listed infrastructure company VivaNET, taking an option to acquire a shareholding of up to 53 percent in the firm.

VivaNET claims to be Australia's first public dedicated wholesale Internet infrastructure service provider and has 90 wholesale customers including retailers, businesses and institutions. Its network covers 30 capital and regional cities. VivaNET offers access, datafeeding services, private networking and branded ISP services.

"Quality, undervalued companies are the place to be," said Bos of the decision. "Tomorrow will take investment positions in a number of key emerging sectors - Internet infrastructure being the first with VivaNET." Bos said Tomorrow would help old economy businesses to take advantage of new economy technologies and business models.

Under the agreement announced, VivaNET securities will be consolidated on a 1 for 5 basis, following which, Tomorrow will be issued with 25 million options. These will be issued for nil consideration and will be exercisable during a seven year period for a total exercise price of $50 million.