iiNet executives in stake sale

29 Aug 2013

Both the CEO and director of alternative Australian internet service provider iiNet are reported to have sold a 6.8% stake in the operator between them. According to the Australian Financial Review, however, both executives have insisted that the development does not mean that the company is ‘a sinking ship’.

The two executives are understood to be selling a combined lot of eleven million shares in iiNet at a minimum AUD5.70 (USD5.09) per share, with the transaction to be made through Credit Suisse and RBS Morgan. Michael Malone, the operator’s fonder and CEO, is reportedly divesting five million shares (roughly a 3.1% stake) worth approximately AUD28.5 million, while iiNet non-executive director Simon Hackett halved his stake in the telco to 3.7% having agreed to sell six million shares.

Australia, iiNet (incl. Internode)