Ten denies leak is behind new share price plunge
Ten has suggested that a continuing selldown by shareholder Lazard Asset Management is behind a fall in the company’s value on the ASX to a new low of 16c today.
The statement from Ten came after the ASX asked it to explain the decline in its share price and whether there was any new information that needed to be made public under its disclosure rules. In the note, the ASX stated: “The recent trading in Ten’s securities would suggest to ASX such information may have ceased to be confidential”.
The Australian Financial Review reported this morning that Ten’s board met yesterday to discuss the broadcaster’s ongoing financial woes. But the board has issued no new information since then about whether it is any closer to addressing the end of year deadline to repay its $200m CommBank loan facility.
Based on the very long list of very high-priced consultants they have bought on to help dig them out of this hole, I’m not surprised they have no money and are verging on being worthless. What are the (no doubt highly-paid) execs who are meant to be running the company actually doing since they seem to have outsourced pretty much all aspects of management?
McKinsey? They should call in The Accenture Monkeys.
Clearly some big savings to be had if they cut their consultants budget
Maybe the should rebrand: Channel 10 cents