Asian investment fund takes 5% stake in Nine Entertainment Co
A Singapore-based investment fund has emerged as a new substantial shareholder in Nine Entertainment Co.
Today’s announcement to the ASX reveals that Asian asset management business Eastspring Investments, owned by the UK based Prudential, has acquired a 5.1% stake in Nine via dozens of transactions which began in March and have continued since.
The buying spree started well before this month’s sudden profit downgrade, which saw Nine shares plummet in value. Today they hit a new low, giving the company a market capitalisation of just over $1.5bn, the lowest point since listing on the ASX in late 2013 and down by a third over the last six weeks.
The acquisition sees Eastspring join other investment companies on the share register including Maple-Brown Abbott which revealed a 5.07% stake a week ago and BT Investment Management which revealed it had upped its stake to 10.62% earlier this month.
The sooner NEC & Nine gets new owners and a new board, including an upper and middle management cleanout, the better!
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Bang on. There are some very talented people there however management is up the s%$^.
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