Kerry Stokes now among top Ten shareholders

Kerry Stokes's Seven Network has emerged with a 2.4 per cent stake in Ten Network Holdings and as a top 10 shareholder.

Kerry Stokes's Seven Network has emerged with a 2.4 per cent stake in Ten Network Holdings and as a top 10 shareholder.

Ten, chaired by Lachlan Murdoch, confirmed the stake in Ten's notice of meeting for its AGM on December 18, citing Seven as the 10th largest shareholder.

The AGM will ask shareholders to vote on a $200 million secured loan facility that will be guaranteed by three of Ten's three major shareholders, namely Mr Murdoch, James Packer and Bruce Gordon, for which in return they may be paid fees via the issuance of new shares in Ten.

Mr Stokes's position on the register gives him a voice at the AGM regarding the $200m CBA loan which could be dilutive to existing shareholders.

Related Articles