Nine up as Win puts its money down
Nine was boosted on Monday after news dropped on the ASX that Win’s Bruce Gordon is quietly continuing his climb up the share register.
The Win group increased its economic interest in Nine from 25.22% to 26.30% after it turned an existing swap into 47.5m shares, then built additional exposure to about 17.1m shares in new cash swap contracts.
The vote of confidence helped push Nine up 2.78%, dragging the Unmade Index into positive territory for the day.
Note that despite the actual ownership increase, Win’s voting power remained flat at just under 23% (the converted swaps were already baked into voting power).
Nine’s market cap over the past two weeks is showing definite signs of life, although it has a way to go to cover ground lost from the start of the year.
Ive was also up 1.19% and News Corp up 0.87%, while ARN and GTN were flat.
Southern Cross led the falls, down 3.64%, followed by Pureprofile down 2.70%, Vinyl down 2.33%, Ooh Media down 1.68%, Sports Entertainment down 1.89%, Enero down 1.04% and Aspermont slipping 0.25%.
The Index closed up (+0.72%) at 358.9.
