dot.com four return with new networks cash shell

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The Independent Online

Four dot.com entrepreneurs have teamed up to form a new technology investment company which plans to list on AIM.

Nettworx, set up to invest in the fast-growing areas of voice and data networks, plans to raise at least £5m through the issue of shares via an institutional placing. It is being advised on the float by the European arm of the Canadian financial group Canaccord.

The new company is headed by Jonathan Rowland, who founded the internet investment company jellyworks, and Jason Drummond, founder of the web hosting company Virtual Internet and co-founder and chairman of Gaming Corporation, the operator of the world's leading gaming search engine.

The executive team is assisted by two non-executive directors: Charlie Muirhead, the founder of the telecoms software companies Orchestream and Nexagent, and Julie Meyer, chief executive of Ariadne Capital and founder of First Tuesday. In addition, Brent Hoberman, the co-founder of lastminute.com, has agreed to be a founder shareholder in the business. Nettworx wants to appoint a senior non-executive chairman early in the new year and will recruit further executive directors to the board when deemed appropriate.

Nettworx plans to buy existing telecom and network companies, integrate them and improve their performance to create high-performance, flexible services.

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