ten says it is in a strong position for 2010

Ten says it is in a strong position for 2010

From: AAP November 09, 2009 11:36AM

TELEVISION broadcaster Ten Network Holdings Ltd says it is in a strong position and media remains an exciting and relevant sector.

"The work done during the year to strengthen our businesses and establish momentum across the company means Ten Holdings is in a much stronger position for 2010 and beyond," executive chairman Nick Falloon says in the company's annual report.

"Media remains an exciting, unquestionably relevant and ever-developing sector."

Ten Holdings undertook in August a fully underwritten equity raising of $138 million and used the proceeds to pay down debt, further improving gearing levels.

Mr Falloon said the company's position improved since its major shareholder, Canada's Canwest, sold down its 50.06 per cent stake in early October 2009.

"Wee are in a further improved position with a broad mix of institutional and retail shareholders, with no controlling shareholder."

http://www.theaustralian.com.au/business/news/ten-says-it-is-in-a-strong-position-for-2010/story-e6frg90f-1225795707840