Large Ten line swaps hands as holder sells stockBY: DARREN...

Large Ten line swaps hands as holder sells stock
BY: DARREN DAVIDSON From: The Australian November 01, 2012 11:31AM

ANOTHER large parcel of Ten Network shares has been traded, representing about 7.8 per cent of the company, suggesting a major shareholder is continuing to sell out of the company.

The parcel of shares is worth about $30.2 million and was handled by broker Bell Porter this morning, market sources said.

It is the second large trade in Ten shares in as many days. Yesterday, fund manager Perpetual reduced its exposure to the stock and sold about 2 per cent of the media company.

In tandem, the two trades account for 9.9 per cent of the company's shares on issue. They were sold on market at 27 cents per share.

Perpetual has this month been reducing its stake in Ten through a series of trades, down from 14.82 per cent to 10.95 per cent. Yesterday’s block trade was the highest volume of trade in Ten shares for a year, until today.

Bell Potter also crossed the line of 30 million Ten shares yesterday at 27c, worth $8.1m. It is understood the buyers were a range of institutions.



Gordon tops at Ten as Eye is sold


It came as Ten last night confirmed the sale of its outdoor advertising business Eye Corp for $113m to oOh!Media, a company owned by private equity outfit Champ. The deal was revised down 22 per cent from an original agreed price of up to $145m after Champ conducted due diligence.

Ten's billionaire shareholders -- Bruce Gordon, James Packer, Lachlan Murdoch and Gina Rinehart -- were said to be not involved in yesterday's share trade.