One of Ten’s big shareholders may be starting to head for the exits, with the TV network’s shares plunging to a record low 52 cents on Tuesday.
It follows reports on B&T this week that the network was beaten by the ABC in the weekend viewer figures and a possibly pending legal stoush with Tom Arnold over unpaid appearance monies.
Fairfax Media reported that the selldown could be a due to one of the TV network’s larger shareholders exiting its registry “outside of the company’s billionaire owners’ coterie”.
Trading information provided by Bloomberg revealed that an institutional trader with Sydney brokerage CCZ Statton equities has sold roughly 810,000 shares on behalf of a client since last Wednesday.
“This suggests an institutional shareholder has been selling out, but Ten has not yet issued any change in substantial holding notices,” Fairfax reported.
Ten issued a profit warning to shareholders last month, predicting a full-year earnings loss of between $20 million and $30 million, and CEO Paul Anderson said the TV industry was “under severe duress”.
The company’s shares were at 92 cents before it issued the profit warning, but have since tumbled 44 per cent, according to Fairfax.