Commercial television operator Ten Network Holdings Ltd
(ASX:TEN) has confirmed its earnings guidance for the financial year, and announced a fully underwritten equity raising of approximately $138 million.
In an update to the market, Ten says it confirms all earnings guidance provided at the time of its third quarter results announcement and reiterated previous guidance that it will be within the requirements of its banking covenants at the end of the financial year on August 31.
Ten says that August banking covenants will be achieved without the inclusion of funds from the equity raising.
The company says the bookbuild to place 120 million new shares will be conducted at a price of $1.15 a share, representing an 8.4 per cent discount to Ten Holdings’ closing price on August 3.
The television broadcaster also reported that TV revenue fell 13 per cent for the nine months to May 31.
Ten Network Holdings 2008 net profit was the company’s highlight in the last five years.
