Rinehart supports Ten's capital raising

By AdNews | 7 December 2012
Gina Rinehart

Ten's second largest shareholder Gina Rinehart has reportedly said she will take part in Ten's $230 million capital raising, after holding out on making a decision.

While Ten's other major shareholders – Lachlan Murdoch, James Packer and Bruce Gordon – had jumped on board almost immediately, Rinehart has held out until this afternoon.

However, reports in both Fairfax and News Limited publications have suggested that Rinehart has this afternoon stood behind the scheme.

The initiative has been Ten's second round of capital raising in six months.

The board has said the money will primarily be used to pay down debt.

Ten's chairman Lachlan Murdoch has admitted the company's results need to improve, and has suggested Ten's “poor execution” has been one factor leading to the need for a second round of capital raising.

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