Leo Knifton and Nigel Weller, directors of financial services company NWD, are poised to take the helm at erstwhile wireless data solutions business OverNet Data with a view to arranging a reverse takeover. OverNet announced the plans as it revealed that the value of its net assets has fallen to less than half its called up share capital. A special shareholders' meetingn will be held early in the New Year to address the situation, with other proposals to be discussed including a reduction in the nominal value of OverNet's shares from 5p to 0.5p. This would enable it to carry out equity issues as and when required. If these plans are approved, the existing OverNet board will step down and Knifton and Weller will take charge. Until a reversal has been secured the duo will accept no payment for their services directly. Instead their company, Monument Capital, will receive a fee of £59,000 for its services. In return Monument may be asked to subscribe for the same value of shares. The shares will only appeal to those willing to gamble on the identification of a suitable reversal target. Avoid.

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