Cape Range Wireless restructure finalised

THE deed administrators of West Perth-based wireless technology developer, Cape Range Wireless Ltd, have finalised negotiations for a restructure of the company, with the proposal to be subject to creditor and shareholder approval. The proposal, backed by Perth entrepreneur Robert Hyndes and other Western Australian supporters, will see the company requoted on the Australian Securities Exchange and efforts made to commercialise Cape Range’s Arcadian fixed wireless multiservice platform. Cape Range’s major creditor, Monaco-based investment company Farrant, is fully supportive of the deal, administrators Pitcher Partners said in an announcement to shareholders. Farrant is owed $6 million of the total creditor debts of $7.3 million. Cape Range owns an interest in Bangladesh-based Peoples Telecom and Information Services and an interest in a Malaysian company which has a contract to supply telecommunications equipment to PeoplesTel, according to reports.