Thorney Technologies a useful backer? Chairman Alex Waislitz...

Thorney Technologies a useful backer?
Chairman Alex Waislitz wrote last October Thorney was backing Pentanet because;

Pentanet is a Perth-based internet start-up, passionate about high performance internet. Pentanet proudly delivers their high-speed internet to the Perth metro area utilising their own next-generation wireless network - which is the largest of its kind in the Western Australia capital.​

Stephen Cornish is a mechanical engineer, founding Pentanet in 2017. The company has achieved year-on-year growth since inception, and now employs a team of approximately 50 people. Stephen is actively championing the digitisation of Perth, and in 2019, also founded Pentanet GG, Western Australia's own e-sports league. https://www.asx.com.au/asxpdf/20200902/pdf/44m8h7kz0vb662.pdf​

​

https://thewest.com.au/business/ipo...et-rattles-tin-for-225-million-ng-b881742513z
WA internet company Pentanet rattles tin for $22.5 million
Danielle Le MessurierThe West Australian
Tue, 8 December 2020 1:58PM


Pentanet founders Stephen Cornish and Tim Cornish pictured in 2018 when the company become principle sponsors of the Perth Wildcats. Credit: Megan Powell/The West Australian

Perth-based internet services provider Pentanet is rattling the tin for $22.5 million to expand the footprint of its fixed-wireless network.

The company, chaired by former iiNet chief executive David Buckingham, is seeking backing for an issue of 89.8 million new shares at 25¢ a piece in an initial public offer through Euroz Hartleys.

Market sources have confirmed the prospectus for Pentanet will be lodged with the Australian Securities and Investments Commission this Friday.

It is understood the IPO implied a $66m market capitalisation for the company, which was founded in 2017 and provides a range of services for residential, commercial and enterprise customers.

Pentanet owns and operates Perth’s largest fixed-wireless network, delivering high speeds within the 2000sqkm of coverage across the metropolitan area.
It claims its infrastructure offers a superior customer experience to the NBN.

The company doubled its staff numbers from 22 to more than 45 last financial year, while subscriber numbers have jumped 218 per cent in the past 12 months.

Mr Buckingham was named Pentanet’s board chairman in September. He spent eight years at iiNet as its CFO and then CEO prior to leaving in 2015, and went on to become the CEO of global education provider Navitas.

Of the $22.5m Pentanet is seeking to raise, it is understood $10.5m would be used to expand its fixed-wireless network and roll out new 5G technology developed by Facebook.

A further $4m would be used to deploy its cloud-gaming partnership with US chip manufacturer NVIDIA, and $8m would be saved for working capital.

Pentanet founders Stephen and Tim Cornish, and Melbourne-based Thorney Investment Group are among the substantial shareholders.