Woosh Wireless owner shares tank

TOM PULLAR-STRECKER
Last updated 12:15 21/11/2012

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The market capitalisation of the Canadian company that bought out the majority of Kiwi broadband provider Woosh Wireless has fallen to C$3.1 million (NZ$3.8m) after an 18 per cent fall in its share price to C6.5 cents this week.

Craig Wireless, which is listed on the Toronto stock exchange, announced last year that it had bought 51 per cent of Woosh for US$5m (NZ$6.1m) and said in September this year that it had upped its stake to 75 per cent.

At the time Craig first bought into Woosh its shares were trading at C33c on the Toronto exchange.

The remainder of Woosh is owned by its founder and chief executive Rod Inglis.

Craig reported a loss of C$9.9m in the year to August 31 last year, which equated to a C20c loss per share. However, the company reported it still had net assets of C$34m in May, including C$11m in cash and equivalents.

Inglis said he had no comment on Craig's share price.

Woosh operates a network of 135 cell sites in Auckland, Wellington, Christchurch and Southland providing a wireless phone and broadband service and also resells fixed-line broadband.

Inglis would not comment on whether Woosh intended to upgrade its wireless network to 4G technology or get involved in selling fibre-based ultrafast broadband.

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- BusinessDay.co.nz

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