Rinehart sells part of her Fairfax holding

The battle for the future of Fairfax has taken yet another twist with billionaire Gina Rinehart selling some of her shares just a fortnight after upping her stake.

According to a statement from her company Hancock Prospecting obtained by The Australian, she has sold enough shares to take her down from her previous stake of 18.67% to just below 15%.

When she increased her stake last month it triggered speculation that she was seeking to take control of Fairfax.

But in the statement, Hancock said: “We also deny unsubstantiated rumours spread by others, that we are about to “make an offer” for the Company, when we have previously stated we are not seeking control of Fairfax, just the appointment of 2 directors plus an independent out of up to 12 directors on the board.”

One reason for taking the holding below 15% is to address an issue relating to shareholders with larger holdings than that having to indemnify other board members against legal action.

Since increasing her holding two weeks ago Rinehart had threatened to dump her shares if she could not get onto the board, a threat which triggered a decline in the share price.

The statement also reiterated a demand that chairman Roger Corbett should commit to raising the share price in the coming months.


Get the latest media and marketing industry news (and views) direct to your inbox.

Sign up to the free Mumbrella newsletter now.



Sign up to our free daily update to get the latest in media and marketing.