Auckland entrepreneur Eric Watson is understood to be involved in backing a debt collection business into the listed energy explorer Frontier Petroleum NL.
The aim is to create an Australasian operation to compete against Baycorp in New Zealand and similar players in Australia including Data Advantage. Both businesses aredominant in their respective markets.
It is believed the vehicle will be looking to raise funds to buy complementary businesses to help take on the heavyweights.
The vehicle is expected to retain its dual listed status.
The Perth-based chief executive of Frontier, John Tarrant, declined to comment on speculation about the firm's metamorphosis into a debt-collecting business.
However, rumours have been around for months that Frontier would be used as a backdoor listing for a technology-type company.
Mr Watson, who has a holding in Frontier, has been active locally in the business of backing existing firms into listed shells.
Frontier's business consists of exploration licences in Asia.
Speculation that something was about to happen at Frontier saw its share price jump 5c to 31c yesterday. Last week the shares were trading at around 20c.
