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Joe Aston

Bruce Gordon's Ten losses trump Stokes, Murdochs, Packer & Rinehart

Joe AstonColumnist

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In good news for investors in Network Ten, the free-to-air broadcaster is having a good week so far, closing at 19¢, off its Friday low of 17¢. Everything's relative, right?

Remember this is after the 1-for-10 consolidation of Ten shares in January 2016. So when WIN proprietor Bruce Gordon was buying millions of these last decade for $2.58 a pop, he was effectively paying nearly $26 in a like-for-like comparison to the scrip you could pick up today for less than a silver coin. According to an ASX filing of July 2006, Gordon-related entities owned 48.8 million Ten shares, worth $126.2 million. If he'd done nothing since, he'd now own 4.88 million shares worth a princely $927,200. But instead he kept buying and buying and buying, including newly-issued capital. Gordon now owns 55.5 million post-consolidation Ten shares, worth $10.4 million. Yep, that's $9.5 million for, in effect, half a billion of shares. No wonder he catches the bus to Wollongong.

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Joe Aston helmed The Australian Financial Review's Rear Window column from 2012 to 2023. Connect with Joe on Facebook and Twitter.

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    Original URL: https://www.afr.com/brand/rear-window/bruce-gordons-ten-losses-trump-stokes-murdochs-packer--rinehart-20170530-gwgmcl