Oxygen for student business ideas

Elisabeth Murdoch, senior executive at BskyB and daughter of Rupert Murdoch, has joined the company's advisory panel. Mathew Freud, the public relations business man, and Keith Harris, former head of investment banking at HSBC, are to become non-executive directors.

Oxygen has so far made five investments including Toyzone.co.uk, a toy retailer which is expected to float later this year for up to 250m, and Gypsymedia, a desktop television listings company. The company, which did not envisage floating when it was first established, has been forced to seek external funds due to the volume of proposals it has received.

Micheal Edelson will become the company's executive chairman and his daughter Emma will be the executive director. Oxygen expects the extent of its board members' contacts to generate sufficient business, in spite of heavy competition.

Edelson, a director of Manchester United football club whose Knutsford shell became a stock market sensation last year when shares rose from 2p to 232p on their first day trading, is engineering the AIM-listing for his daughter Emma's fund. Edelson has specialised in listing cash shells on AIM, allowing private companies easy access to a stock market listing. Media Content and Magic Moments Internet are among the companies which have gained listings through Edelson-sponsored shells. Speculation has already started among dealers that Oxygen's shares may mimic Knutsford's performance.