Ten shares hitting historical lows
A large shareholder appears to be exiting the Ten Network registry outside of the company’s billionaire owners coterie, pushing shares down to an all-time low of 52?? on Tuesday.
The selldown comes as shareholders brace for a poor half-year result in the wake of a profit warning issued on February 17.
Shares were at 92?? before the profit warning, but have since tumbled 44 per cent. Ten opened at 56.5?? on Tuesday and ended the day 7 per cent lower at 52.5??.
Trading volumes during the rout have been very low with just 818,200 shares trading hands on Tuesday – a fraction of the 370 million shares on issue. These low volumes amplify the low prices.
Since last Wednesday an institutional trader with Sydney brokerage CCZ Statton equities has sold about 810,000 shares on behalf of a client, according to trading information provided by Bloomberg.
This suggests an institutional shareholder has been selling out, but Ten has not yet issued any change in substantial holding notices.
Institutional shareholders with more than 800,000 shares but less than 5 per cent include Blackrock, SIG, State of California, Vanguard Group, and Network Investment Holdings (part of Seven Group Holdings).
However the majority of shares – 56 per cent – are tied up with major shareholders such as James Packer’s Aidem Holdings, Lazard Limited, Foxtel, Bruce Gordon’s Birketu and Gina Rinehart’s Hancock Prospecting.
In mid-February Ten issued a profit warning saying mid-year losses could be up to $30 million and its industry was “under severe duress” and advertising revenue continues to decline. iFrameResize({enablePublicMethods : true, heightCalculationMethod : “lowestElement”,resizedCallback : function(messageData){}, checkOrigin: false},”#pez_iframeA”);
The outlook for the metropolitan advertising market is a 5 per cent decline over 2016-17, and networks still haven’t convinced the government to cut their broadcast licence fees, which cost Ten about $22 million last financial year.
Ten’s marquee show at the moment, I’m a Celebrity … Get Me Out of Here!, has not been gaining as good ratings as Nine and Seven’s prime-time reality shows. [email protected] 1.01 Million Viewers Nationally Last Night. Peaked At 1.28m. 2017 Series-To-Date Audience Up 9% On 2016 Average. pic.twitter苏州夜总会招聘/WrITcpkgrQ??? Network Ten (@Ten_Corporate) March 6, 2017
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