Ten appoints former Seven executive as chief financial officer

Ten Network has appointed former Seven West Media executive Dave Boorman as its chief financial officer.

Dave Boorman, Ten Network’s new chief financial officer. Picture: Renee Nowytarger

Ten Network has appointed former Seven West Media executive Dave Boorman as its chief financial officer as the company raises $56 million from shareholders.

The move marks new Ten chief executive Paul Anderson’s first management change since taking the top job in July.

Mr Boorman, who replaces Mr Anderson as chief financial officer, spent two years at Seven after eight years with Vodafone as chief financial officer and strategy director. He left Seven in January. He arrives as Ten repairs its balance sheet and welcomes Foxtel as a new substantial shareholder.

“Dave will bring a wide range of skills to Ten, covering key areas such as strategy, corporate ­finance, business management, people development and investor relations,” Mr Anderson said.

Mr Boorman said he was joining at an “exciting time” for Ten as it gathered increased ratings and revenue momentum.

“The business is gathering momentum and that, coupled with the new strategic arrangements with Foxtel and Multi Channel Network, provide a tremendous new base from which to grow,” he said.

Ten said it had successfully undertaken the institutional entitlement offer by issuing new shares to the value of $56m, representing a 96 per cent take-up by eligible institutions.

The institutional shortfall bookbuild cleared at 17c per new share. Ten’s four major shareholders — Lachlan Murdoch, James Packer, Bruce Gordon and Gina Rinehart — all committed to take up their entitlements, representing 41.5 per cent of the offer.

A retail entitlement offer opens on November 3 at the offer price of 15c. The move comes after the competition watchdog approved Foxtel’s 15 per cent stake in Ten in a $77m deal.

Although Ten this week reported a headline loss of $312.2m for the full year on the back of a ­previously announced non-cash writedown of $251.2m in the first half, there are plenty of signs a turnaround is working.

Ten said earnings before ­interest, taxes, depreciation and amortisation, a key measure of performance in the Australian media sector, narrowed to a loss of $12m, from $79.3m a year ­earlier.