Editing IiNet (section)

===Suspension and resumption of share trading===
iiNet's share value slid from {{AUD|3.40}} in September 2005 to {{AUD|1.69}} in April 2006. On 18 April 2006, iiNet requested a [[trading halt]] pending the release of an announcement. Two days later, it suspended its shares from quotation. Initially, the company advised it intended to resume trading on the ASX the following week, but on 21 April, a local newspaper, ''[[Business News (Australia)|WA Business News]]'', speculated that "One line of thought is that uncertainty on behalf of iiNet's bankers, will result in the company embarking on a capital raising to address concerns over banking covenants, and provide its bankers with a measure of confidence." Other speculation in the same article suggested that iiNet may be about to exit New Zealand or the CEO was about to sell his shareholding.<ref>{{cite web|url=https://www.businessnews.com.au/article/Speculation-mounts-on-iiNet|title=Speculation mounts on iiNet|website=[[Business News (Australia)|WA Business News]]|date=2006-04-21|access-date=2024-01-07}}</ref>

On 1 May 2006, iiNet advised the ASX that its shares would remain suspended, as its March quarter results had been "well below expectations". The company announced on 11 May 2006 that updated financial figures for the previous year would not be released for "one to two weeks".<ref>{{cite web|url=http://iinet.net.au/about/investor/20060511_suspension_update.pdf|title=Suspension Update|author=iiNet Limited|year=2006|access-date=2008-09-09|url-status=dead|archive-url=https://web.archive.org/web/20070908233415/https://www.iinet.net.au/about/investor/20060511_suspension_update.pdf|archive-date=8 September 2007}}</ref><ref>{{cite web|url=https://www.businessnews.com.au/article/iiNets-suspension-extends-into-4th-week|title=iiNet suspension continues into 4th week|author=James Moses|website=[[Business News (Australia)|WA Business News]]|date=2006-05-12|access-date=2024-01-07}}</ref> On 13 May, ''[[The West Australian]]'' business section reported on the matter, and claimed that founder Michael Malone had been "sidelined", and that the company was "open for takeover" according to analysts, who rated Singtel [[Optus]] as the most likely suitor. On 18 May, ''WA Business News'' agreed with the West's claim that takeover offers were being evaluated, however contradicted the claim that Malone had been sidelined.<ref>{{cite web|url=https://www.businessnews.com.au/article/iiNet-extends-trade-halt|title=iiNet extends trade halt|author=Colin Jacoby|website=[[Business News (Australia)|WA Business News]]|date=2006-05-16|access-date=2024-01-07}}</ref> Meanwhile, ZDNet reported, "It is likely iiNet's management will move more conservatively now that their financial dirty laundry has been so publicly aired. They'll need to remain focused on consolidating their assets after what is expected to be a large drop in iiNet's share price when the stock resumes trading."<ref>{{cite web|url=https://www.zdnet.com/home-and-office/networking/bean-counters-to-rein-in-iinet/|title=Bean-counters to rein in iiNet?|author=Renai LeMay, ZDNet Australia|website=[[ZDNet]] |year=2006|access-date=2008-09-09}}</ref>

On 26 May, the stock was reinstated to official quotation and fell on its first trading day to {{AUD|0.85}}, after the 27 May edition of ''[[The West Australian]]'' reported that iiNet was in the red for the first time in five years and had vowed not to repeat costly mistakes. PowerTel, a Sydney-based telco, would emerge with a diluted stake of 13% at 85c a share<ref>{{cite web|url=http://www.iinet.net.au/about/investor/260506_powertel_announce.pdf|title=iiNet and PowerTel form strategic alliance|author=iiNet Limited|year=2006|access-date=2008-09-09|url-status=dead|archive-url=https://web.archive.org/web/20080725093946/http://www.iinet.net.au/about/investor/260506_powertel_announce.pdf|archive-date=25 July 2008}}</ref> and Michael Malone's share would be diluted to 14.4%.

On 31 May, [[Vocus Group|Amcom Telecommunications]] announced it had acquired a 19.96% stake in iiNet, becoming the company's largest shareholder.<ref>{{cite web|url=http://clients.weblink.com.au/clients/amcom2/article.asp?asx=AMM&view=6324557|title=Amcom acquires strategic 20% stake in iiNet|author=Amcom Limited|year=2006|access-date=2008-09-09|url-status=dead|archive-url=https://web.archive.org/web/20081216143301/http://clients.weblink.com.au/clients/amcom2/article.asp?asx=AMM&view=6324557|archive-date=16 December 2008}}</ref>

On 21 June, the Malone family increased their holding to 19.97%.<ref>{{cite web|url=http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00623747 |title=Appendix 3Y: Change of Director's Interest Notice |author=ASX |year=2006 |access-date=2008-09-09 |url-status=dead |archive-url=https://web.archive.org/web/20081216141835/http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00623747 |archive-date=16 December 2008 }}</ref>