Ten shares fall ten per cent after trading halt
Shares in Ten Network Holdings have collapsed nearly ten per cent following the end of a trading halt which they were put into on Monday.
The trading halt was to allow Foxtel to take up its shareholding investing some $77m in the business at $0.15 a share, following last week’s approval by the competition and media watchdogs the ACCC and ACMA, and also saw an additional $77m share placement for existing shareholders.
Ten shares fell to $0.17 cents before recovering $0.005 cents to $0.175 giving the company a market capitalisation of $452.5m, less than a week after it posted a $312.2m loss for the 12 months to August 31.
The result came despite an improved ratings performance in 2015 with shows like Family Feud, Masterchef and The Bachelorette and The Bachelor.
Anderson
New CEO Paul Anderson told investors this week that Ten was anticipating that vastly improving next year, as audiences improve and its new partnership with sales house MCN as part of its tie-up with Foxtel starts to land results.
“There has been a lot of positive commentary around the Ten/MCN partnership and what that means and that is enabling us to talk about what MCN has, which is real data capability, and that is real cut through which can’t be matched anywhere in the market,” said Anderson.
“Those (capabilities) have led to some very good discussions regarding (media) agency deals for next year, but underpinning all that has to be audience performance,” he said, emphasising how Ten had lifted its audience in 2015.”
Update 5.00pm: Ten shares slumped at the end of the day down 13.16 per cent to 16.5 per cent giving the company a market capitalisation $434.11m.
Nic Christensen
“I’ve delivered a 300 million dollar loss and the share price has collapsed – that will be $8 million dollars please” says Hamish
User ID not verified.