Wilson Neill poised to unveil big purchase

By SIMON HENDERY

Wilson Neill says it expects to finalise a major acquisition today.

The hospitality and technology company, which has its shares traded on the stock exchange's secondary board, yesterday issued what was effectively a "don't sell" notice to shareholders.

A statement said that it had completed due diligence with an unnamed partner and today would sign a deal that would "significantly alter the scale of Wilson Neill."

Wilson Neill chairman Trevor Mason refused to elaborate on the statement.

This month, the company's general manager, Phil Vosper, said the group had agreed to buy a business which would fit well with its high-speed wireless communications subsidiary Radionet.

His comment was made after technology investor Jump Capital abandoned a deal to inject $8 million into Radionet. This followed the resignation of Wilson Neill executive director Paul Hyslop from his company's board after he was identified as being implicated in an insider trading investigation involving Fletcher Paper shares.

Mr Vosper said the group had alternative funding from private investors and Radionet's nationwide development was continuing.

Radionet's chief executive, Leicester Chatfield, also refused to comment yesterday.

On Sunday, InfoTech Weekly reported that Radionet was to begin developing a rural wireless data network for the Far North next month.

Wilson Neill's other investments include the Cobb & Co chain of restaurants and Parnell restaurant Iguacu.

The company's shares traded 0.5c higher yesterday at 6c.