Rinehart sells off Fairfax Media

The cat and mouse game between Fairfax Media and Gina Rinehart has continued today with her private company selling $50 million worth of shares in Fairfax.

In a release today, Rinehart confirmed that they had sold 86.5 million shares, moving her stake from 19% to around 14.9%; this equity position still means that Rinehart is the largest shareholder in Fairfax.

John Klepec, Chief Development Officer of Hancock Prospecting, said that the reason for the sale was that Fairfax Media had said they would not allow a director in the company to hold a stake of more than 15%; 

“The sale was completed to resolve an issue that arose concerning the directors and officers insurance policy, in the situation of a director having a greater than 15 per cent shareholding in Fairfax"

The last purchase Hancock Prospecting made of Fairfax stock was nearly 143 million shares at just under 62c each, meaning on todays closing price of 58.5c, todays trade has cost Rinehart around $3 million.

GIna Rinehart, through her spokesman John Klepec, has been openly scathing of the Fairfax Boards performance, and in today's announcement they reiterated their demands that Chairman Roger Corbett meet performance targets or resign.

See our earlier story here.

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Anonymous (8:33am 06 Jul 2012)

This is just the "calm before the storm". Fairfax just sell the Radio division you have no interest in it or more importantly how to run it. Gina you go girl !!!

Tc (12:21pm 06 Jul 2012)

She is an offensive affront to anyone with a brain.But sadly, in this modern Australia, wealth is respected far more than the former. Her modus operandi never changes, her stratgey in acquiring her Fathers money - even though he had changed his will, of his own volition, was a demonstration of true sociopath behaviour. Her then campaiging of Rose, was without doubt, something not even authors such as, George Orwell, Joseph Heller or Don Delllilo could imagine.
If we actually had financial journalists in this country (not the flaccid dills like Kochy, Ross Greenwood, or the baby bare arsed whatever faced investor), then the additional hammering her investment foray has delivered to the Fairfax shareholder may be reported. If she wants control, then buy the bastard thing! Turn it into a platform for the problems of billionaires, have more of her poetry published - that way I can wipe my arse on her words.What is it with these Billionaires, Packers the same... you got the cash, buy it! And shut the F$%# up. Their Fathers never whinged and sooked on like these spoilt brats.
It is a politically motivated indulgence of her 'whacky' to say the least, views.
She is a beast - in form and spritit. Just ask her own children.
Apart from that - I don't mind her.
She was hot, not that long ago. God, wouldn't Shakespeare have fun if he were around today.