Network Ten to raise funds at steep discount
TEN Network Holdings shares have gone into a trading halt as the struggling free-to-air broadcaster prepares to raise new funds.
The trading halt was requested by the company "pending an announcement by Ten in relation to a proposed capital raising and other initiatives", it said in a statement this morning.
According to the AFR, the new shares are to be sold at about 20 cents, a 40 per cent discount to last night's closing price of 32.5 cents.
The board, including chairman Lachlan Murdoch, James Packer, Gina Rinehart and Hungry Jack's owner Jack Cowin are expected to support the raising.
Ten made a full year loss of $12.9 million in fiscal 2012, with revenue down 13.7 per cent as advertisers deserted the network in response to a number of television flops.
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