December 30, 2012 / 11:26 PM / in 5 years

Australia's Fairfax shares jump 5.6 percent after Rinehart group lifts stake

SYDNEY, Dec 31 (Reuters) - Shares in media group Fairfax Media Ltd opened 5.6 percent higher on Monday after a consortium of allies of shareholder Gina Rinehart purchased a small holding to add to the mining mogul’s stake.

Gutenberg Investments Unit Trust, a new vehicle formed by media executive John Singleton and investment banker Mark Carnegie, has agreed a deal to combine its newly acquired stake with Rinehart’s existing shares, taking the combined holding to 15.14 percent.

Rinehart has been refused a seat on the Fairfax board because she has declined to sign the media organisation’s charter of independence.

Fairfax shares were up 3.2 percent at A$0.49 at 2319 GMT.

Reporting By Jane Wardell; Editing by Paul Tait

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below