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



Look My Way into ArtExpress

Ruby Sullivan of McAuley Catholic College has had her major HSC artwork accepted into the annual ArtExpress exhibition.

McAuley student's HSC artwork selected for exhibition

'That's not a brown!': Rare snake found lurking

Snakes have an inoffensive nature and are reluctance to bite

Spotify Summer tour kicks back in the Clarence Valley

David Harrison, Thom Moore and Beatrice McBride pose in the back of their truck for #spotifysummer

Head down to Minnie Water and Wooli to meet the crew from Spotify.

Local Partners

Dakota's world beating spectacular performance

Dancer helps break world record at School Spectacular performance


Kernaghan's a 'boy from the bush' with a timeless quality

Country music singer Lee Kernaghan.

Lee Kernaghan is celebrating the 25th year of his breakthrough song.

Ready to rumble: Boxing makes long-awaited return to Grafton

DETERMINED: Grafton Amateur Boxing Club members Zac Cotten (Cruiserweight), James Morrison (Jnr Featherweight), Eddie Debono (Super Heavyweight), Rhys Walters (Light Heavyweight), Joseph Pigg (Jnr Welterweight), Jamie Mansfield (Cruiserweight) are prearing for upcoming fight night in Grafton.

Five North Coast title belts up for grabs

Cyclist's 24 hours of pain for mental health

International endurance mountain-bike rider Morgan Pilley is used to pushing through the elements, but this weekend he'll push on to raise money for local mental health services in a charity ride at Junction Hill.

Ride For Youth to raise money for local youth mental health services

Justin Timberlake stuns students with secret class

Justin Timberlake stunned high school students in Sydney

Carrie Fisher says Ford will be bugged by affair confession

Carrie Fisher is sure Harrison Ford is annoyed at her

Dakota Fanning rekindles romance with childhood sweetheart

Dakota Fanning rekindles romance with ex

Jennifer Lawrence apologises to the people of Hawaii

Jennifer Lawrence sorry for 'offensive' story

Cruz Beckham's single a 'one-off'

He is not planning to launch a full-time music career yet.

Louis Tomlinson's mother dies aged 42

Louis Tomlinson's mother has died.

Five South Grafton houses that won't break the bank

Check out these South Grafton houses for sale

'Crucial' farm land eyed by defence department

Lawson Geddes moving the Brangus cattle to higher ground - which is the land the Defence Department is interested taking for the Shoalwater Bay expansion.

"You can't have one without the other.”

Former Shark Show for sale for $1.3 million

Vic Hislop at the old Shark Show.

TALK about a jaws-dropping real estate opportunity.

There's a whole lot of luxury in this home

The Endeavour Foundation's latest prize home in Mountain Creek.

WHEN it comes to desirable homes, it's hard to go past a prize home.

Give a little more this Christmas

TIME TO GIVE: Lee Johns, Courtney Smith and Daniel Kelly of Ray White Yamba promote their Little Ray Of Giving Christmas gift appeal.

Call out for presents, big or small

Ready to SELL your property?

Post Your Ad Here!