Rinehart buys up shares in Ten Network

Rinehart buys up shares in Ten Network

Tue June 26, 2012 11:09am

MINING magnate Gina Rinehart has bought up more shares in Ten Network while threatening to sell her shares in Fairfax.

However Ten Network has clarified that Rinehart has not raised her stake in Ten Network and nor has the station's chairman, Lachlan Murdoch.

Earlier, a filing lodged by Ten with the Australian Securities Exchange showed Ms Rinehart outlaid nearly $20 million to buy a further 39.2 million shares, taking her holding to 143.7 million shares.

AAP reported that Ms Rinehart now owned 10.6 per cent of Ten.

An ASX filing by Ten also showed Mr Murdoch had bought more than 70 million shares for about $35 million, bringing his holding to 257 million shares.

AAP reported he now owned 18.7 per cent of the company.

However, speaking to The Daily Telegraph Ten Network spokesman Neil Shoebridge said: "The AAP report this morning that Gina Rinehart has increased her stake in Ten Network is wrong.

As flagged earlier this month, Mrs Rinehart has taken up her entitlement in Ten Network’s capital raising. The ASX announcement from Ten Network this morning confirmed that.   James Packer, who also holds about nine per cent of Ten shares, also took up his full entitlement in the offer.

Rinehart threatens Fairfax The news comes after Ms Rinehart said her company Hancock Prospecting may sell its interest in Fairfax Media  if "suitable conditions" aren't offered to it.

In a written response to ABC TV on behalf of Hancock Prospecting Pty Ltd (HPPL), Ms Rinehart said she had hoped to be a saviour to Fairfax, which had witnessed the declining circulation of its three major mastheads for the past five years.

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