PowerTel completes iiNet share purchase

Stuart Corner
Sunday, 04 June 2006 17:27

IT Industry - Strategy

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PowerTel pumps $14m into iiNet

iiNet has issued PowerTel with 12,600,000 ordinary shares representing 14.9 percent of its equity and raising a total of $10.7 million.
The move follows an agreement to this effect announced on 26 May since which Time Amcom has bought 20 percent of iiNet's shares on the open market, making it the largest shareholder. Amnet has requested two seats on the iiNet board but this request has not yet been granted.