Ten shares drop another 25% after capital raising

Ten shares drop another 25% after capital raising
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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.

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