Gina dumps Fairfax
Gina Rinehart, the billionaire Australian mining magnate, has dumped her shares in Fairfax Media.
Her company Hancock Prospecting pulled up stumps Friday, selling their 14.99% stake in the company pocketing around about $306 million.
Speaking with The Australian, John Klepec, Hancock Prospecting’s chief development officer said that Fairfax Management had “no workable plan”.
“A series of bad decisions made by the leadership team has instead increased the number of publication errors and reduced the company’s performance to cover news to standards expected to maintain the credibility of some of the oldest and finest newspaper mastheads in the country,” he said to the paper.
Gina started acquiring Fairfax stock to 2010. Her displeasure with both the Fairfax Media Board and chief executive Greg Hywood are well documented, and it has been an uncomfortable relationship for both parties.
Fairfax is awaiting ACCC and shareholder approval for the proposed merger of their radio assets with Macquarie Radio Network. That approval is expected next month.