Menu
Business

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.

Topics:  asx gina rinehart shares


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Learn to meal prep like a pro

IN THE KITCHEN: Learn how to prepare nutritional meals for your week.

Find out more on how to meal prep like a pro.

Leaving a legacy for his sons

Find out about another of the great cars from the Emerald Car Club

Pioneer Park on track

Emerald 100 race day, 2017.

The first Emerald races for 2018 are on this weekend.

Local Partners