Kerry Stokes, “Little Kerry” to those in the media, owns around 43% of the Seven Network. And as much as he’d like to, he’s finding it tougher and tougher to increase his stake. He said after Seven’s general meeting in Sydney yesterday that as an executive chairman and so few “open” periods for share buying, adding to his stake under the “3% every six months” rule was next to impossible.
Seven shares closed at $7.20 last night, up 13c on the day after the refinancing of the Telys 1 and 2 issues was voted by shareholders, who also approved the Telys 3 issue which could raise up to $500 million. The result will be known later tonight and announced on Monday.
Stokes pointed out that as an “insider” in an industry where there’s so much activity, he just couldn’t buy shares. His 43% stake is worth around $660 million at current prices – and he says he’s not a seller of his Seven stake, even if there’s an offer following any media ownership rules change later this year.
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