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




Lovin' and scrubbin' best friends to help local family

Lahnie Shannon-Good with "Duke" in the Love'm Scrub'm grooming salon.

A local dog washing business helps a family through tough times.

Confirmed: Rivers comes running back to Grafton

Boxing Day Fun: The public goes wild at Rivers.Photo: Rob Wright / The Coffs Coast Advocate

Rivers to take up 400 sq m of retail space in Grafton Shoppingworld.

LETTER: Ulmarra apologises for being popular

It's been a long time since Ulmarra has received this much attention

Latest deals and offers

Lindsay Lohan 'calls off engagement'

Lohan reportedly called off her engagement to Russian millionaire

Dyer returns to Grafton after Lifetime release

BACK IN TOWN: Melanie Dyer plays the Clocktower on Friday night at 8.30pm.

The Voice 2012 contestant is heading to the Clocktower Hotel

Rob Kardashian 'neglected' by Blac Chyna

Friends say they are now 'back in love'

Isla Fisher: I don't like talking about my private life

Isla Fisher shut down TV hosts when they asked about her husband

Mariah Carey: I 'can't believe' Prince has gone

'Prince was one of the best people I've met'

You can own this Queensland town for just $1

Yelarbon

Unprecedented auction of town's business centre with no reserve

Work starts on $15M Caloundra apartment building

Turning the first sod at the Aqua View Apartments site in Kings Beach are (from left) husband-and-wife developers Alex Yuan and Stella Sun with construction company Tomkins director Mike Tomkins and Councillor Tim Dwyer.

Developers excited about addition to Kings Beach skyline

Plans revealed for 1500-lot 'master-planned community'

Precinct will be bounded by Boundary St and Shoesmith Rd

Ecco Ripley sales run sparks prime release

MOVING IN: Sekisui House has announced the release of more residential blocks at Ecco Ripley.

Sekisui House is preparing to unveil more land at Ecco Ripley

Massive residential 9-storey high-rise hit by delays

An artist’s impression of the eight-storey-high apartment complex that Bernoth Holdings wants to build in South Toowoomba, next to the City Golf Club.

Developer struggles to get approved high-rise development started