Menu
Business

Network Ten to raise funds at steep discount

TEN Network Holdings shares have gone into a trading halt as the struggling free-to-air broadcaster prepares to raise new funds.

The trading halt was requested by the company "pending an announcement by Ten in relation to a proposed capital raising and other initiatives", it said in a statement this morning.

According to the AFR, the new shares are to be sold at about 20 cents, a 40 per cent discount to last night's closing price of 32.5 cents.

The board, including chairman Lachlan Murdoch, James Packer, Gina Rinehart and Hungry Jack's owner Jack Cowin are expected to support the raising.

Ten made a full year loss of $12.9 million in fiscal 2012, with revenue down 13.7 per cent as advertisers deserted the network in response to a number of television flops.

 

Read more at Brisbane Times
 

Topics:  discount funds network ten


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Truck runs off road near Murgon

Ambulance crews arrived on scene after a truck ran off the road near Murgon.

Emergency crews arrived on scene at 11am.

Rule change helps bush kids to university

FUTURE: Changes will ensure there will be a greater equality between rural and metropolitan students at universities.

Students can now gain earlier access to financial support.

Major shopping centre extension

PLANS: Powercat Property Holdings will expand its shopping complex at Avoca St in Kingaroy to house four new shops and fix a traffic bottleneck.

Supa IGA shopping complex on Avoca St, Kingaroy, is expanding.

Local Partners