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




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