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