Saturday, 08 December 2012 10:07
After much deliberation in the media, mining billionaire Gina Rinehart is believed to have given her last-minute support to the troubled Ten Network's $230 million capital raising.
Media reports on Friday indicated Mrs Rinehart, who holds about 10 per cent of Ten's stock and sits on the network's board, would participate fully in the capital raising.
News Limited and Fairfax websites reported Mrs Rinehart was keen to take part in the capital raising, despite it being the second time in six months Ten has tapped shareholders for money.
Mrs Rinehart had been undecided when asked by reporters after Ten's annual general meeting on Thursday if she would participate in the institutional component of the capital raising, which closes today.
Her decision to take up her entitlement followed earlier commitments by Ten's three other big shareholders - billionaire James Packer, Lachlan Murdoch and Bruce Gordon - to take part.
Mr Packer and Mr Murdoch each hold about nine per cent of Ten shares, while Mr Gordon has a 13 per cent stake.
Ten announced details of the capital raising on Thursday, saying it would issue new shares at 20 cents each to raise money to reduce debt and shore up its balance sheet.
The price was a big discount to Ten's last traded price of 32.5 cents. Its shares remain in a trading halt.
Comment was being sought from Ten.
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