Gina Rinehart accuses Fairfax management of having ‘no plan’ and sells her 15% stake
Rinehart
Mining magnate Gina Rinehart has sold her 15 per cent stake in Fairfax Media, ending her association with the publisher of the Sydney Morning Herald and The Age and accusing them of having ‘no plan’ to revitalise the publisher.
Market sources have told Mumbrella of a large share movement this afternoon which is understood to be Rinehart selling her 14.99 per cent holding. Since buying the shares two-and-a-half years ago, she had been the company’s biggest shareholder.
This afternoon the Fairfax share price closed at 96 cents. However, Mumbrella understands that Rinehart sold the shares for 86.75c. It was her third attempt in recent weeks to sell, and the 353.4m shares did not go to a single buyer but rather to a wider group of investors.
Oh well … FXJ is finished now.
The only reason anyone has been staying in has been in hope of her buying the lot.
Shares will crash. Game over
@Rich With such astute trading knowledge, you must have an incredibly successful share portfolio. I’m sure that’s exactly what’s been lifting the share price.
As a bemused bystander and partially interested stakeholder in the farce that is Fairfax…I can’t help but think Gina may have gotten this call spot on. Fairfax is going nowhere at velocity speed **shudder** #IagreewithGina #killmenow #thankgodforHouseOfHancock to restore my loathing
Does Gina have a plan for when iron ore falls below $40?
Gina is hard up for cash and with Labor winning the state of Qld , will not fund the Gina Railway to her Indian mine or allow dumping in a wetlands . She will have to cough up some money now , instead of the tax payers of qld .
You would have thought that BEFORE you put $50m into any investment, you would want to be sure the management team had a positive growth plan for the company.
Turns out she only checks these things afterwards..
For all her flaws, she’s right about Fairfax. Print has been in decline the last two decades, and in the last few years, their internet business has been going on the downward slide too.
fairfax’ soft paywall has been annoying reddit, who are contemplating a ban.
scratch about 20 per cent off that share price if it happens, because there goes a fifth of fairfax’ online traffic.
“their internet business has been going on the downward slide too.”
Except for the fact the SMH is the most-read publication across platforms in the country. And Domain is immensely profitable.
…and she thinks the management team at Channel 10, where she retains a substantial shareholding, is doing a stellar job? Seriously?
Well I was using Carsales earlier (not Fairfax) and I kept getting server errors. So I went to Drive and ‘fck me!’ no server errors, but has anyone tried to navigate that site. it is awful! No wonder they are in strife.
Is there a decent car site in Oz, that is quick and easy to browse??
Business journo and ‘Rinehart expert’ Adele Ferguson says Gina sold out because she lost interest in trying to use Fairfax to push her right-wing views (after failed attempts to join the board). Now that seems far more likely.