Vonex one step closer to ASX listing

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Vonex one step closer to ASX listing
Vonex's Angus Parker and Brydie McKee

Reigning CRN Fast50 winner Vonex is one step closer to reverse listing, with its potential ASX partner reporting a positive outcome from due diligence.

Vonex, a communications provider, announced in July that it would join with the publicly listed mining company Aleator Energy to float in October. Aleator announced to the ASX yesterday that it is happy to proceed with the agreement after completing due diligence.

"The board of Aleator Energy has been impressed with Vonex's strong track record in developing and commercialising focused products in the hosted PBX and VoIP space," said Aleator executive director Mark Rowbottam.

"We are pleased to have completed the substantiative aspects of the due diligence process and look forward to issuing the notice of meeting and moving on to completion of the transaction."

As well as verifying Vonex's positive cash flow derived from contracted monthly revenues of more than $400,000 per month, the Aleator board is anticipating a chance to "accelerate revenues and growth" in the near future.

"They have grown the business aggressively from start-up to cash flow positive and we believe there is potential for substantial growth through the hosted PBX product and the exciting Oper8tor development," said Rowbottam.

Vonex also has "four newly developed products" to be launched at the end of this year. The due diligence research found that the current owners of Vonex had ploughed "more than $5.5 million" into the business so far.

The current monthly revenue of $400,000 compares favourably to Vonex's 2014 financial year revenue of $3.7 million – the 232 percent improvement from the previous year good enough to clinch the number one spot in the CRN Fast 50.

Listing could see Vonex owners sell 700 million ordinary shares and 1.2 billion performance shares at the price of $0.005 each. Under the original timeline for the deal, the newly named Vonex Limited will go public on 22 October.

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