Australia's Ten Network Equity Raising Well Supported

Ten Network Holdings has "received positive support from institutional shareholders," with 96% taking up their entitlement to its $200M capital raising, according to Darren Davidson of THE AUSTRALIAN. Completion of the $161M institutional component of Ten's entitlement offer "represents the first stage" of Ten's $200M equity raising. About $145M of the $200M total will go against debt. The remainder will be working capital, some of which "will be spent on new programming." The next stage of the capital raising will start Friday with the opening of the retail entitlement offer, which is expected to raise $39M (THE AUSTRALIAN, 6/9).