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TEN, TEN NETWORK HOLDINGS LIMITED
blacksheep
post Posted: Aug 30 2017, 09:35 AM
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In Reply To: blacksheep's post @ Aug 29 2017, 09:29 PM

Ten shareholders calling for class action and compensation
Lucy Battersby
AUGUST 30 2017 - 12:15AM

QUOTE
Ten's retail shareholders are calling for a class action or regulatory investigation into boardroom secrecy ahead of the broadcaster's administration, as it becomes clear they will be completely wiped out by the deal KordaMentha and PPB Advisory have struck with US broadcasting giant CBS.

Shareholder John Homewood says he would "love to have a class action" and has been frustrated by the lack of communication to shareholders in recent months.

"It just seems to me that these administrators ... it is as if the poor old shareholder has been pushed out of the way of a business that for all intents and purposes was viable," he told Fairfax Media.

"I have come to the realisation that effectively shareholders will have their equity interest just transferred over to CBS. It is really the lack of information being provided that has got me a bit hot under the collar."

Mr Homewood owns 1.1 million shares in Ten and stands to lose hundreds of thousands of dollars.

He said he preferred the deal suggested by Lachlan Murdoch and Bruce Gordon, which would have seen shareholders receive about one-fourth of the value of their equity back and Ten re-listed on the Australian Securities Exchange. Their offer recently received competition regulator approval, but was not accepted by administrators and required a complex ownership structure to fit within media ownership laws


see link for full details....http://www.theage.com.au/business/media-and-marketing/ten-shareholders-calling-for-class-action-and-compensation-20170829-gy6e42.html



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blacksheep
post Posted: Aug 29 2017, 09:29 PM
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In Reply To: triage's post @ Aug 29 2017, 05:52 PM

QUOTE
Also apparently Ten owes CBS $800m which it was unlikely to get back so I guess CBS either could write off the $800m now or take over Ten and hope they can recover at least some of that debt over time (?). Good luck with that.


That's right. CBS was the largest (unsecured I think) creditor and therefore would naturally win any vote at the creditor's meeting. Have seen that happen to a number of ASX listed companies that go into VA - they end up being owned by their biggest creditor.

Still needs to get clearance from the FIRB.

But, as always in these cases, ordinary investors pretty much lose the lot. It seems, by all accounts, TEN won't be relisted



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
triage
post Posted: Aug 29 2017, 05:52 PM
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In Reply To: blacksheep's post @ Aug 29 2017, 03:22 PM

Other than the footy I don't watch local commercial telly anymore. And anyway CBS gets the most viewers of any US network but their top shows are the Big Bang Theory, the Good Wife and NCIS. Channel 10 is already showing the best CBS has to offer and they are still the runt of the litter locally. Not sure what CBS can do to improve things at Ten.

Also apparently Ten owes CBS $800m which it was unlikely to get back so I guess CBS either could write off the $800m now or take over Ten and hope they can recover at least some of that debt over time (?). Good luck with that.

http://www.abc.net.au/news/2017-08-29/chan...ll-hate/8853182



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blacksheep
post Posted: Aug 29 2017, 03:22 PM
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In Reply To: cooderman's post @ Aug 29 2017, 08:45 AM

I think the article was referring to the guarantees given by Packer, Murdoch and Gordon .. see extract below...

QUOTE
CBS will refinance Ten's existing debt, including a loan from Commonwealth Bank and guarantor fees of about $33 million owed to James Packer, Mr Murdoch and Mr Gordon, and will implement a deed of company arrangement, according to KordaMentha. Creditors will be given the chance to vote on the deal at the second creditors' meeting.




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
cooderman
post Posted: Aug 29 2017, 10:15 AM
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In Reply To: nipper's post @ Aug 29 2017, 09:00 AM

That was also Murdock and his partners aim, they rolled the dice and lost. Well at least for now. Some big players here.






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nipper
post Posted: Aug 29 2017, 09:00 AM
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In Reply To: early birds's post @ Aug 29 2017, 08:55 AM

110%

100% wiping out existing s/holders, and 10% from taxpayers?






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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

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early birds
post Posted: Aug 29 2017, 08:55 AM
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In Reply To: cooderman's post @ Aug 29 2017, 08:45 AM

i'm sit here wandering what is the percentage that CBS will have after they get in??? unsure.gif



 
cooderman
post Posted: Aug 29 2017, 08:45 AM
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In Reply To: blacksheep's post @ Aug 28 2017, 03:17 PM

I think their shareholdings are worth zero, just like all the small holders.

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blacksheep
post Posted: Aug 28 2017, 03:17 PM
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Billionaires get money back, shareholders left with nothing in Ten deal
UPDATED 1 hr ago

QUOTE
CBS will refinance Ten's existing debt, including a loan from Commonwealth Bank and guarantor fees of about $33 million owed to James Packer, Mr Murdoch and Mr Gordon, and will implement a deed of company arrangement, according to KordaMentha. Creditors will be given the chance to vote on the deal at the second creditors' meeting.

Secured loans include at least $98 million to Commonwealth Bank, $841,000 to Westpac and $640,000 to ANZ Bank, according to a list of creditors. This means CBS will take over Ten for about $123 million.

However, shareholders will receive nothing, with PPB Advisory confirming the deal includes CBS delisting Ten from the sharemarket.

Apart from the three guarantors, major shareholders include Foxtel with 13.9 per cent of shares, Gina Rinehart with 8.2 per cent, and Seven Group Holding's subsidiary Network Investment Holdings with 3 per cent.

"CBS will acquire 100 per cent of the shares in Network Ten," a PPB spokesman said.

"This process requires demonstrating that the shares are worthless given the quantum of the secured and unsecured claims. In such a scenario where creditors are not being repaid in full it would mean that existing shareholders would not receive any return."

http://www.theage.com.au/business/media-an...827-gy5doc.html



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: early birds  
 
alonso
post Posted: Jun 15 2017, 10:53 AM
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In Reply To: early birds's post @ Jun 14 2017, 11:44 AM

Interesting article in today's SMH Business Day.



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