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KPMG report says Network Ten shares have nil value

An independent report by KPMG has estimated the value of shares in Ten Network Holdings Limited at nil value, as the implied or calculated value of equity is between negative $1,054.9 million and negative $529.2 million.

Insights KPMG report says Network Ten shares have nil value
Tuesday, 10 October 2017
The Ten business – before taking into account creditors and other adjustments – was valued by KPMG at between negative $408.0 million and $117.7 million. The KPMG report says Ten’s business would need to be valued at a minimum of $649.9 million in order for shares in Ten to have any value.

Ten Group creditors last month voted overwhelmingly to accept an offer by CBS that paid 100 cents in the $ to most creditors.

The KPMG report forms part of the evidence in a Court application by KordaMentha, the Deed Administrators of Ten, to transfer the shares to CBS International Television Australia Pty Ltd.

Any shareholders seeking to appear in the NSW Supreme Court hearing are required to have filed grounds by Friday this week. A directions hearing will be held next Monday (16 October) and a tentative date for hearing of the application has been set for Tuesday 31 October.

A copy of the KPMG report is on the ASX and Ten websites and here on Creditor Information. 

Media inquiries:
Michael Smith – (03) 9440 9387 or 0411 055 306