Ten to raise new funds
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AAP
2012-12-05
Ten Network Holdings shares have gone into a trading halt as the struggling free-to-air broadcaster prepares to raise new funds.
The trading halt was requested by the company "pending an announcement by Ten in relation to a proposed capital raising and other initiatives", it said in a statement on Wednesday.
It has been reported Ten would seek to raise $225 million by issuing new shares at about 20 cents per share.
Ten shares closed Tuesday's local trading session at 32.5 cents.
A new capital raising venture would be Ten's second in just six months, after it raised $200 million in June.
Ten made a full year loss of $12.9 million in fiscal 2012, with revenue down 13.7 per cent as advertisers deserted the network in response to a number of television flops.
The broadcaster has struggled in the ratings in 2012, with shows such as Everybody Dance Now - hosted by Ten director Lachlan Murdoch's wife Sarah Murdoch - The Shire and I Will Survive failing to fire.
Ten holds its annual general meeting in Sydney on Thursday.
