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Network Ten equity has no value, according to KPMG report
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A court hearing has been tentatively set for October 31 for the transfer of Ten shares to CBS. Jessica Hromas
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by Max Mason
Network Ten shares have no value, according to an independent expert's report, limiting a potential legal challenge from Lachlan Murdoch and Bruce Gordon over the transfer of the equity in the free-to-air broadcaster to CBS.
The long-awaited report from KPMG assessed the value of Ten's equity in two ways, via going concern and distressed valuations, but found with both the answer remained nil.
The report suggested Ten's equity value was between negative $529.2 million and negative $543.7 million.
Including the claims made by CBS and 21st Century, assessed by administrator KordaMentha to be a combined $543 million, Ten's equity valuation was found to be $1.055 billion.
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Network Ten shares have no value, according to an independent expert's report, which could limit a potential legal challenge from Lachlan Murdoch and Bruce Gordon. David Rowe
In order for Ten shares to have any value, the businesses the free-to-air broadcaster operates needed to be worth at least $646.9 million because of the debt claims and borrowings it had.
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• TEN

TEN NET FPO (TEN)

$0.160.000.00%
volume 0value 0.0

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May14GMT+1000 (AUS Eastern Standard Time)Oct12Oct171230.163.411
Last updated: Tue Oct 10 2017 - 8:12:10 PM
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Company Profile
Investment in Ten Group Pty Ltd and controlled entities which operate commercial television licences TEN10 (Sydney), ATV-10 (Melbourne), TVQ-10 (Brisbane), ADS-10 (Adelaide) and NEW-10 (Perth).
http://www.tencorporate.com.au or http://www.ten.com.au
Media (254010)
ASIC 081327068

	ASX Announcements
1		10/10/17	TNHL Explanatory Statement and Independent Experts Report
2		27/9/17	ASX Announcement 444GA directions ASX Code TEN
3		19/9/17	TEN - OUTCOME OF SECOND CREDITORS' MEETING
4		15/9/17	Letter from Birketu and Illyria
5		11/9/17	Supplemental Report to Creditors ASX Code TEN

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The value of Ten's businesses was calculated to be between negative $408 million and $117 million.
Mr Murdoch and Mr Gordon will consider their options. If there are to mount of legal challenge to the transfer of shares to CBS they must do so by 4pm Friday.
Mr Murdoch and Mr Gordon are among Ten's shareholders, with 7.7 per cent and just under 15 per cent respectively. Shareholders may challenge the transfer of shares to CBS when KordaMentha commences proceedings in court.
A three day hearing has been tentatively set for October 31, but a directions hearing next Monday will finalise the schedule.

Last month, Ten creditors overwhelmingly voted for CBS' proposed takeover of the broadcaster.
Mr Gordon, via his WIN Corporation, lost a legal attempt to have the creditors meeting, which voted through the CBS proposal, delayed and tried to stop the US studio taking part in the vote. WIN, which was joined by Fox as a plaintiff, argued a KordaMentha report to creditors failed to give enough information and unfairly treated some creditors. Mr Murdoch could not take part in the legal action because he is no longer a Ten creditor.






Network Ten equity has no value, according to KPMG report

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