Uniti Wireless’s co-founders have left the company and their key executive roles just two days after the company’s ASX listing

Uniti Wireless founders Che Metcalfe and Sasha Baranikov have left the business two days after it listed on the stock exchange in a shock announcement.

Uniti Wireless Co-Founders, Che Metcalfe and Sasha Baranikov. (AAP Image/Dean Martin)

• Uniti to list on ASX

Uniti Wireless co-founder Che Metcalfe says he was sacked from the internet disrupter he helped bring into existence.

Mr Metcalfe told The Advertiser “I wish the company all the best. But I was terminated, I did not resign”.

Mr Metcalfe and co-founder Sasha Baranikov have left the business just two days after it listed on the stock exchange in a shock announcement.

The company has also updated its ASX announcement of earlier this morning to indicate the pair were sacked, and it would pay each one month’s salary in lieu of notice.

Uniti said it was “part of the rationalisation and integration of the FuzeNet business acquired on 11th Feb and the Uniti business.

“This is a change identified by the CEO and is a decision made as part of the rationalisation of two businesses.’’
The shares remain in a trading halt at 21c.

Earlier this morning was refusing to comment beyond an announcement it put out to the ASX which read as follows:

“Uniti Wireless Limited announces that Ms Sasha Baranikov and Mr Che Metcalfe have ceased employment with the company, effective immediately.

“Ms Baranikov and Mr Metcalfe were both directors of the company and have vacated those positions, also with immediate effect.

“Ms Baranikov and Mr Metcalfe were the original founders of the company and remain significant shareholders in the company. Their shares remain escrowed for 2 years.’’

A follow up announcement said:”The reason for the requested trading halt is to allow more time to provide further information in relation to the announcement made earlier today regarding change of director and employment of Che Metcalfe and Sasha Baranikov’’.

Both of the former directors have already been removed from the Board section of the company’s website and the executive management page makes no mention of them.

The company’s directors are chairman Graeme Barclay, former Internode and iiNet executive John Lindsay, and Kathy Gramp, who is also on the board of Codan.

Uniti Wireless’ initial public offer closed at the end of January with the company overcoming a challenging investor market to raise $13.2 million through the issue of nearly 53 million shares at 25c each.

Post float, Uniti Wireless’ market capitalisation was $32.7 million, however the shares have dropped to 21c since listing.

Uniti provides line of sight, fast broadband via towers and has been targeting disgruntled NBN customers in its marketing efforts.

Operational in suburban metropolitan Adelaide and areas of suburban Melbourne, Uniti operates its network independently and does not rely on Telstra’s ADSL copper network or the NBN infrastructure to operate or reach its customers.

The company had been looking to raise as much as $18 million, which would have given it a market capitalisation of close to $38 million.

Mr Metcalfe was previously chief technology officer and Ms Baranikov was chief operating officer.