Ten Network says it did not tell shareholders that James Packer was pulling the plug on his financial support for the troubled broadcaster because his backing was not a factor in its share price.
Ten administrator Kordamentha said on Tuesday that the broadcaster first learned on May 2 that Mr Packer’s Consolidated Press Holdings would not support a new funding deal when the existing $250 million facility expired in December.
The network’s shares were only placed in a trading halt on June 13 after fellow backers Bruce Gordon and Lachlan Murdoch told Ten they were also ending their support.
Responding to a query from market operator ASX, KordaMentha said Ten had believed the market never assumed Mr Packer would continue his bac…
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