Ten awaits Rinehart's decision on capital raising

By AdNews | 7 December 2012
Gina Rinehart

Ten's second biggest shareholder Gina Rinehart has until this afternoon to decide whether she will commit to Ten's $230 million capital raising.

The company's other major shareholders – WIN owner Bruce Gordon with 15%, Ten chairman Lachlan Murdoch with 9% and casino giant James Packer with 9% - have all agreed to the initiative, signing up for $75 million in new equity.

However, Rinehart has so far held off from agreeing to take part. A report in The Australian has suggested she has until 4pmn this afternoon to make a decision.

The capital raising initiative – Ten's second in six months – will primarily be used to pay down debt.

Murdoch has admitted the company's performance needs to improve, suggesting Ten's “poor execution” combined with a weak market had led to the need for the extra money.

The Australian Financial Review has reported that Murdoch would not rule out a further capital raising.

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