iiNet softens investor blow

Perth-based internet service provider iiNet Ltd released details of what it had uncovered during a five-week trading halt that forced it to downgrade earnings by about 40 per cent and tell investors to brace for a loss. It softened the blow with news that NSW telco PowerTel Ltd was coming on board as a significant shareholder, buying in at 85 cents a share. The deal – announced Friday – appeared to provide a floor for iiNet stock when it resumed trading this week, though it still represented a 50 per cent drop from the last price received for iiNet shares before the halt was called.

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