IIN 0.00% $9.52 iinet limited

iinet shows the way!

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    Several articles in today’s “West Australian”, one of which is reproduced below, demonstrate the strength of the Iinet business model, and prove that well-managed juniors can thrive in the present climate.

    Swiftel shareholders should take particular note, since Iinet is the exemplar for SWT’s own plans moving forward. An interesting aside is that Malcolm Dick, who is to join the Board of Swiftel in September is also a Director and major shareholder of iHug, the Iinet target.

    Investors Embrace IiNet

    By Fran Spencer

    IINET shares rocketed to a fresh record high yesterday, pushing the market value of the Perth-based ISP past $96 million as investors eyed the outcome of its planned merger with rival iHug.

    IiNet called a trading halt on Monday to confirm it was in talks with iHug, New Zealand's third biggest ISP.

    Confirmation of the proposed deal, which would see the Perth company pay a combination of cash and scrip for iHug's 150,000-strong trans-Tasman subscriber base, saw iiNet shares soar more than 9.5 per cent on Monday to $2.41. Yesterday they continued to climb, hitting an intra-day high of $2.50 before settling back to close 2.9 per cent up at a new high of $2.48.
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