Ihug chair goes to board of new owner

Ihug chairman Keith Goodall has been voted on to the board of iiNet, the Perth-based ISP which bought the company out.

Ihug chairman Keith Goodall has been voted on to the board of iiNet, the Perth-based ISP which bought the company out.

The deal, which was unconditionally given the okay by iiNet shareholders at a meeting last Friday, will see a second New Zealand director appointed at iiNet's annual meeting in November.

The ASX-listed iiNet bought Ihug for $A30.1 million in cash and 23.7 million shares in iiNet, in a deal that was concluded yesterday. As a result, the shareholders of ihug now hold 30% of the shares in iiNet, according to a statement from the company. Early this week shares in iiNet were trading for about $A3.12.

IiNet managing director Michael Malone said in the statement that the deal made iiNet the fifth-largest ISP in Australia and Ihug the third largest in New Zealand. The two organisations have begun to integrate their financial and information technology systems.

Ihug chief executive Martin Wylie says the company's 300,000 customers in New Zealand and Australia will see new services introduced as the two business operations are merged.

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