TEN EXITS ASX TODAY AFTER NEARLY 20 YEARS AS PUBLICALLY LISTED COMPANY
Written on the 24 November 2017 by David Simmons
THE embattled Ten Network (ASX: TEN) has been removed from the ASX today after nearly two decades of being listed.
The network will be removed from the ASX at the close of business on Friday after a court granted the transfer of shares to its new owner CBS.
The free-to-air broadcaster and media company was scheduled to be removed earlier in the week but delays from three minor shareholders who sought to block the deal drew the process out.
NSW Supreme Court Justice Ashley Black found there was no prejudice in the deal, which leaves Ten shareholders with no payment for the loss of their shares.
The CBS takeover deal, worth $41 million, trumped the offer from Ten shareholders Lachlan Murdoch and Bruce Gordon, and was unanimously backed by Ten's creditors, including the station's employees.
Earlier in the year, the station slipping into administration after a $200 million debt facility expired. At the time, Murdoch and Gordon, along with fellow shareholder James Packer, refused to back a new funding deal.
Whilst today marks the removal of the company from the ASX, Ten has been in a trading halt since June.
Business News Australia
Author: David Simmons