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Tuesday, March 07, 2006
Melbourne IT sells stake in NeuLevel
From The Age:
Melbourne IT sold its stake to NeuLevel's majority shareholder, NeuStar. Internet services provider Melbourne IT Ltd said that the sale of its 10 per cent stake in domain name registry NeuLevel for $5.8 million ($US4.3 million) would enable the company to consider lifting its dividend payout ratio. The transaction would be reflected in its profits for 2006 in the amount of $4.47 million (Melbourne IT's original investment in NeuLevel in 2001 was $US3.4 million).
"The proceeds from the sale of the NeuLevel stake will increase Melbourne IT's cash balance to more than $32 million which will further strengthen our already healthy cash position and with it, our ability to pursue acquisitions both in Australia and overseas," Melbourne IT chief executive Theo Hnarakis said.
Melbourne IT was six cents higher at $1.58 at 1419 AEDT on Tuesday.