iiNet managing director Michael Malone has taken home $13.2 million after selling 4 million shares in the internet service provider he founded. Mr Malone’s private company, Perth Internet Pty Ltd, has sold on market 4 million of the 18 million shares it holds for $3.30 each, a significant discount to the day’s $3.60 closing price. Perth Internet now holds an 8.7 per cent stake in iiNet, valued at $49 million. Mr Malone was overseas and not available for comment but Patersons Securities industrial analyst Allan Franklin told WA Business News the market appeared to be unconcerned with his offloading of shares. “At the end of the day, Mr Malone is a company director who doesn’t sell down very often,” Mr Franklin said. “He has taken some off the table but he’s certainly committed to growing the business going forward.”
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