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| | IHUG Sold to iiNet |
 | | Under the agreement iiNet will purchase ihug Limited, The IP factory Limited, and the operating assets of The Internet Group Limited, including the “ihug” brand name for a total consideration of A$30.1 million in cash and 23.7 million shares in iiNet, at an issue price of A$1.75 per share. |
 | | ihug Chairman, Keith Goodall, Auckland chartered accountant and company director, will be appointed to the Board of iiNet at the shareholder meeting. |
 | | ihug’s 70,000 current subscribers in Australia are located primarily in Sydney, Melbourne and Adelaide. |
| www.aardvark.co.nz /daily/2003/pr0916.shtml (651 words) |
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