Mining mogul Gina Rinehart has sold off her entire portfolio of Fairfax shares worth $300 million asset, announcing that she sees no chances of the media company recovery in the near future.
Rinehart last night sold her 14.99% stake in the company — 352 million shares — to broker Morgan Stanley for 86.75c each after Fairfax shares closed at 96c on Friday.
One of her 40 million share instalments was bought at 60 cents a share.
The Daily Telegraph reports that Hancock chief development officer John Klepec said, on behalf of Rinehart: Fairfax has “no workable plan to revitalise the company”.
“Should the Fairfax Media leadership change, we may consider a future role in the company.”
Rinehart’s relationship with the publisher broke down after the company’s board of directors rejected her bid to takeover the publisher in 2012.
Since then Rinehart, Australia’s richest person, has continually tried to dump her remaining shares.
She first bought into Fairfax in 2010, when she spent $285 million on a 18.6% share in the publisher.
Rinehart remains a major shareholder in Network Ten, along with casino operator James Packer, media entrepreneur Lachlan Murdoch.
In December, her 9.5% in the company was worth about $58.97 million after paying approximately $208.14 million. Read more on that here.
Business Insider Australia’s parent company Allure Media is a wholly-owned subsidiary of Fairfax Media.
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