Ten Network Holdings Limited (ASX:TEN)
has announced the successful completion of the institutional component of its fully underwritten 7 for 37 accelerated renounceable entitlement offer of new Ten shares at a price of 15 cents per share.
Completion of this component represents the first stage of Ten’s $77 million entitlement offer announced on Monday.
The TV network says the offer attracted strong demand from Ten’s institutional shareholders, who took up 96 per cent of the new shares.
The retail component of the entitlement offer is expected to raise $21 million and will open next Tuesday.
Ten reported a net loss of $308.45 million for the 12 months to 30 August 2015.