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Commander bounces back from brink of death

Commander today announced the renewal of its deal with the Department of Finance and Administration, estimated to be worth AU$5 million.

Commander today announced the renewal of its deal with the Department of Finance and Administration, estimated to be worth AU$5 million.

The deal is a continuation of Commander's previous three year arrangement with the department. The new contract runs for the next two years with the option to extend for a third.

According to Commander, the new contract is up AU$1.5 million on its previous deal with the department, originally worth AU$3.5 million.

The telco has had a difficult year, which has seen its share price drop from a high of AU$2.28 to 59.5 cents.

Commander's stock has been suspended from an official quote since 1 October.

Reports last week suggested the telco was up for sale, and despite confirmation that the company had engaged the services of ABN AMRO to explore such a possibility, directors were quick to distance the company from anything resembling an immediate sell-off.

"These stories can really take on a life of their own; the process that we're engaging in at the moment is by no means a free for all," said Adrian Coote, Commander's managing director. "We've certainly had no offers at this stage."