Ten Network (ASX:TEN) said it had benefited from the change of ownership that resulted when its major shareholder, Canada’s Canwest, sold down its 50.06% stake in October.
“The strained economic situation of [Canwest] continued to be an external distraction during the year,” executive chairman Nick Falloon said in a letter to shareholders.
“Institutional support on the company’s share register was [also] lacking… due to Canwest’s presence as a controlling shareholder.”
Falloon said that the sell-down, and a $138 million equity raising from August, has left Ten in a stronger position for the year ahead.
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