SkyNetGlobal Seeks Broader Reach With IPO

Broadband network provider SkyNetGlobal is taking an unusual
approach to gathering capital, by launching an unlisted prospectus to
complete the next round of fundraising.

With this approach, the company is allowing smaller investors to take a
stake, by accepting investments as low as AUS$2800 (US$1680). SkyNetGlobal
is seeking to raise a total of AUS$5.6 million (US$3.36 million) to fund
the next stage of its network rollout around Australia and Asia Pacific.

SkyNetGlobal’s global wireless broadband network allows travellers to
access corporate networks, their online office, email, Local Area Network
and the Internet from their laptop or mobile computer device in 300 hotels,
airport lounges and convention centres worldwide.

To boost its reach, the company has already signed alliances with the
Starwoods Hotel chain, Acer Computers, Leo Burnett, Unisys and US provider
of high speed wireless Internet and corporate network access to business
travellers.

At the offer price, SkyNetGlobal will have a market capitalisation of
AUS$115 million (US$69 million).

Although the company is not yet making an application to list on the Australian Stock Exchange, SkyNetGlobal
chief executive officer Jonathan Soon said that this may become an option
as it grows.