TeamTalk about to announce sharemarket listing

By PAUL PANCKHURST

Wellington's TeamTalk - the little company that arm-wrestled its way out of obscurity - is on the verge of announcing its sharemarket float.

The mobile radio communications company is being packaged for a listing by retail sharebroking firm Forsyth Barr.

An announcement is imminent of an offer to the public.

TeamTalk chief executive David Ware last year won 15 minutes of world fame by offering to settle a commercial dispute with an arm-wrestling contest.

Ware lost a best-of-three bout at a Mt Eden boxing gym, ending a dispute with McS Digital RT, a company that wanted access to TeamTalk's network.

The episode captured the imagination of global news media. Ware later said: "There's no law that says doing business has to be boring."

TeamTalk will be a minnow among listed companies. Its annual report for the year to last June 30 flagged an interest in listing on the junior NZAX board, rather than the main board.

Founded by former Post Office technician Ware in 1992, TeamTalk raised net profit from $2.5 million in the 2002 financial year to just over $3 million last year.

The company had an accumulated loss of just under $17 million at June 30 last year.

According to TeamTalk's website, Active Equities has a 61.3 per cent shareholding and management holds 21.2 per cent.

TeamTalk's other profile-raising episode was to feature at last October's fiery Telecom annual meeting. TeamTalk this month announced a reshuffle of its board and the appointment of three new directors.

The company's new chairman is Joe Pope.