Ten shares rise after Warburton firing
Source: Google Finance five day tracking
Shares in Ten rose in early trading on the ASX as the market had its first chance to react to Friday night’s CEO dramas
In the first few minutes of trading, the shares rose by 8.5 per cent to 32c, valuing the company at $828m.
On Friday, the board of Ten – led by chairman Lachlan Murdoch – sacked James Warburton as CEO and appointed Hamish McLennan as his replacement.
Ten’s shares are currently trading close to a historic low. The lowest they have been was 24.5c late last year. At their highest in 2004 they traded at more than $4.
Meanwhile McLennan has backed his new appointment by investing in the company.
“As I indicated in the statement to market on Friday regarding my appointment, I believe Ten is a great business,” he said in a statement.
“As a sign of my enthusiasm for Ten, I have personally invested in the company. I look forward to sharing in the future success of Ten.”
McLennan is due to start at Ten on March 18.
Tim Burrowes founded Mumbrella in 2008. He worked on Mumbrella until 2021. At various points he was editor, content director and editor-at-large.
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Imagine what would happen to the share price if Lachlan resigned from the Board!
We are talking 35c at least.
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As expected 🙂
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@nick, I agree not a silver plated chairman, but his removal will probably have a negative impact on the price; board instability is not looked on favorably, and besides, it places doubt on the possibility of News Corp and TEN doing some very competitive programming deals.
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HMc buying shares in TEN nothing more than a PR stunt
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