Uniti Wireless has hired Vaughan Bowen to drive M&AS at the newly listed Adelaide company
UNITI Wireless shares have jumped after the company announced a high-powered addition to the executive team.
Uniti Wireless shares have jumped after the company announced a high-powered addition to the executive team.
The Adelaide-based internet service provider, which listed last month and sacked its co-founders Che Metcalfe and Sasha Baranikov a day later, has appointed Vaughan Bowen as an executive director.
Mr Bowen founded M2 Telecommunications and moved to an executive role with Vocus once the companies merged, later becoming chairman.
He took M2’s share price from 25c at the initial public offer in 2004 to $10.55 at the time of the merger with Vocus.
At Uniti he will be charged with leading strategic growth and the mergers and acquisition agenda,a and will be paid a base salary of $200,000 per year with the ability to earn further $300,000 per year in short and long term incentives.
Chairman Graeme Barclay said Mr Bowen had a “stellar track record” in M&A.
“When Vaughan mobilised the M&A activity at M2 Group it was a young ASX-listed company, much like UWL, which in a relatively short period of time became a large-scale, highly-profitable ASX100 corporation, with a market capitalisation in excess of $2 billion.
“Today UWL is an early stage business, with the potential to significantly expand its sale and capability through both organic and inorganic growth.
“The board believes that UWL will be able to accelerate its growth with Vaughan’s involvement and leadership of this critical area.
“Working side-by-side with our CEO, Michael Simmons, UWL will now have the executive skills and experience to focus on and execute accretive business development and M&A.’’
Mr Bowen said in a statement he was keen to get “stuck into a program of targeted, well-executed M&A.
“I’ve had the good fortune to be a part of growing a business in a similar manner previously, with valuable;e learnings of what to do and what not to do.
“The M&A opportunities for UWL are plentiful and I look forward to helping to continue to build momentum on this front in the near term and beyond.’’
Uniti shares were trading at 20.5c, up 17.1 per cent. The company’s pre-IPO issue price was 25c.
cameron.england@news.com.au