11/09/2009 - 14:56

iiNet MD sells $6.6m worth of shares

11/09/2009 - 14:56

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iiNet managing director Michael Malone has pocketed $6.6 million after selling a large parcel of shares to existing institutional investors.

iiNet managing director Michael Malone has pocketed $6.6 million after selling a large parcel of shares to existing institutional investors.

In a notice to the stock exchange today, the internet service provider said Mr Malone had sold the final portion of the 6.3 million shares he bought in 2006 when iiNet's share price was under pressure.

In June 2006, iiNet's share price had touched a then four-year low of around 60 cents.

Mr Malone notified the ASX today that he sold more than 3.3 million shares yesterday through an on-market trade, with each share priced at $2.

Shares in iiNet closed down 15 cents to $2.14 today.

"The iiNet board supported the sale as it allowed Mr Malone to rebalance his portfolio from being dominated by iiNet shares," chairman Michael Smith said.

"It was also a good match between providing a solid line of stock at a time where there was strong demand and the current tight trading window available to directors."

Mr Malone retains 18 million shares or just under 12 per cent of the company.

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