Rinehart’s move on Fairfax confirmed

Staff Writer

In a statement released to the ASX today it has been confirmed that the signficant parcels of Fairfax Media shares traded last week, were acquired by Gina Rinehart, through her company Hancock Prospecting. 

The move on the company, as noted here last week, has taken her holdings in Fairfax from 12.6% to 18.7%. Rinehart now holds over 439 million shares; the most recent 143m or so bought at between 60c and 61c. With Fairfax today trading at 65.5c, she has already made a paper profit, on the most recent trades, of between $6m and $7m.

However, from her public statements, Rinehart is not a seller and is agressively making her claim for board representation. As the single largest shareholder in Fairfax it seems only a matter of time before she achieves that.





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