Chariot Races to Acquisitions After ASX Success

South Australian ISP Chariot
Internet
is already targeting possible acquisitions following its
launch on the Australian Stock Exchange
(ASX) last week.

Chariot managing director Gary Chua said the company would be targeting
strategic acquisitions throughout regional Australia to boost its
subscriber base.

“We believe [this path] will boost our subscribers to 50,000 by
mid-2000,” said Chariot chairman Rob Byrne. “The listing provided us with
the flexibility to pursue further acquisitions as we expand our services
nationally.”

The company also intends to tackle the southeast Asian marketing by
utilising its satellite facilities. Chariot has approximately 48 satellite
bandwidth clients with 65 ground stations across Australia.

Chariot’s AUS$8.5 million (US$5.6 million) public offer of 8.5 million
shares closed approximately 50 per cent oversubscribed.

This capital was used for the company’s recent acquisition of Victorian
ISP NetConnect Communications,
which increased Chariot’s subscriber base to its current total of around
30,000.

News Around the Web