Fairfax falls as Rinehart sells
FAIRFAX shares have plumbed new depths after its biggest shareholder, Gina Rinehart, tried to dump a third of her stake last night.
Fairfax shares have traded as low as 44.5 cents so far today, and were down nearly 12 per cent at 45 cents by 2:00pm (AEST).
Ms Rinehart asked investment bank Morgan Stanley to sell around 117 million of her Fairfax shares after the market close yesterday - that is around 5 per cent of the total number of Fairfax shares on issue - for 50 cents each.
However, investors were not keen to buy a large block of shares off-market for a price only 1 cent below yesterday's close.
At least one investment house, Maple Brown Abbott, offered 45 cents a share, but Ms Rinehart would not accept that price and pulled the sale due to the lack of demand.
Read more at ABC news online.