Yesterday's sell-off- in the midst of the TEN boardroom meeting- has me wondering about my present minor investment. Do I quit this farrago of doubt which sees the number 3 commercial TV broadcaster valued at $64million when the number 2 is valued at $1.1billion or do step in and buy more?
After all we saw a TEN regional affilitate in NSW sold recently for $55million .
And what is the board doing to replace the $200m CBA facility - drawn to $46million but on which $29million in guarantor fees has already accumulated.? Yes, let's increase it and pay more guarantee fees to the 3 billionaire shareholders .
Oh, they've pulled in advisers to advise the advisers !..says the AFR StreetTalk column today.
I can think of a dozen hedge fund lenders who'd gladly stump up a loan - convertible into TEN shares ( at say net asset value of 40cents) - if they could get a $29million fee for a $46million advance.
It's a new lender and a new board that TEN needs.
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