Shares in iiNet stay suspended

Australia's third-largest internet service provider, iiNet, and parent of New Zealand isp ihug, says its shares will remain voluntarily suspended from trading for another week or two.

Trading of the Perth-based company's shares has been suspended on the Australian Stock Exchange since April 20 after iiNet discovered forecasting and clerical errors in revenue recognition.

The company said it was continuing to review its earnings guidance for the 2006 year. It has appointed chairman Peter Harley as executive chairman to assist in the review. Harley, a qualified accountant with management experience at a number of listed Australian companies, will act as an executive for as long as is required, iiNet said.