Australia’s richest person, Gina Rinehart did not buy key stakes in Ten Network Holdings Ltd (ASX:TEN) and Fairfax Media Ltd (ASX:FXJ) to gain political influence according to her key adviser.
Cheryl Edwardes, the executive general manager of government relations at Ms Rinehart’s Hancock Prospecting says the move was motivated by money and strictly business.
Ms Edwardes says she is not aware of any further plans to add to the 10 per cent stake in Ten or almost 5 per cent stake in Fairfax.
Ms Edwardes, the former West Australian attorney general also revealed Hancock Prospecting was close to finalising debt agreements to fund the company’s $7.2 billion Roy Hill iron ore project.
In the six months to February 28, 2011 Ten reported a net profit of $49 million.
TEN Price at posting:
$1.15 Sentiment: None Disclosure: Held
