A further 25% was knocked off of the value of Ten Network Holdings yesterday as the company resumed trading on the Australian Securities Exchange after a $167m capital raising project.
Share slumped to just 24c each, after closing on December 4 at 32c, but dived because of the extra cheap shares put out to the market.
The company says the cash will be used to pay-down debt, but there is talk in the industry it could be used to put in a better offer to lever the cricket broadcast rights away from Nine.
In early trading today the price has remained static, as investors wait to see if next year can bring improved ratings and ad revenues for the number three free-to-air network.
