Rear Window
Bruce Gordon's Ten losses trump Stokes, Murdochs, Packer & Rinehart
Joe AstonColumnistIn 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.
Subscribe to gift this article
Gift 5 articles to anyone you choose each month when you subscribe.
Subscribe nowAlready a subscriber?
Introducing your Newsfeed
Follow the topics, people and companies that matter to you.
Find out moreRead More
Latest In Companies
Fetching latest articles