Fairfax in heavy trading

Two hours ago, just after midday, a parcel of 42 million shares in Fairfax Media was traded with the transaction completed by broker Southern Cross Equities, at a value of $25 million.

It has been rumoured that Gina Rinehart is the purchaser, and she is increasing her stake in the business, particularly whilst its share price is at the record lows presently.

Rinehart is Fairfax Media's largest shareholder with 13% yet holds no board seats at this time. She has been strongly critical of the present board saying it appears they have no faith in the strategy as they have "no skin in the game". See our earlier story here.