What do you give to Kerry Stokes, a man with a multi-billion dollar media empire? Why, a $6 million government handout for an energy project he can easily fund himself, of course.
It seems the board has rejected other approaches, such as a rights issue, to help recapitalise the company.
Seven’s shares hit a record low of 63c last Friday and closed at 64c last night -- -- even as the broader sharemarket hit a three-month high. Things do not look good, write Glenn Dyer and Stephen Mayne.
Don't be surprised if Kerry Stokes sells out of Seven West altogether soon.
Interestingly, Kerry Stokes is not putting his hand in his own pocket to support yesterday's Coates Hire deal, write Glenn Dyer and Stephen Mayne.
The move has raised some eyebrows.
Like with Jeff Kennett, Kerry Stokes has been aggressively defensive and dismissive of both the governance issues and the lack of accountability.
Worner will host a conference call with analysts at 10am tomorrow morning. But will journalists be allowed to ask about the Amber Harrison affair?