iinet bought iHug for $72 million in 2004. based on 170,000...

iinet bought iHug for $72 million in 2004. based on 170,000 users 70,000 in australia and 100,000 in NZ.

Thats $423 per subscriber. Im assuming their selling off the NZ part which is now roughly 120,000 users.

So based on this 120,000 NZ usersx $220 per subscriber (recent acquisition price per user chariot and ammcom deals) = $26.4 mill.

They may get a bit more if they have a large number of prospective buyers as they have commented in their asx release today.

Here is a link to the ihug deal in 2003/2004

http://archive.iinet.net.au/about/investor/acquisitionofihug.pdf