Ten share trading halted ahead of second capital raising

Ten share trading halted ahead of second capital raising
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Shares in Network Ten have been placed in trading halt this morning amid predictions the troubled broadcaster will go to the markets to raise another $225m in capital.

The company previously went to the markets in June to raise another $200m from its shareholders, and the move comes just a month after CEO James Warburton told the market such a move would not be necessary.

Ten has been hit by a dramatic drop in ratings and associated slowdown in ad revenues this year, and has already embarked on an extensive cost-cutting drive, as well as divesting outdoor business Eye Corp to Ooh!Media’s owners last month.

An announcement to the Australian Securities Exchange this morning confirmed the halt, adding there would be a “further announcement” by the company.

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