Gordon, Mur­doch lob new bid

The Weekend Australian - - BUSI­NESS RE­VIEW -

Gordon and Mur­doch com­mit­ted to in­creas­ing Aus­tralian con­tent out­put.

On an­other day of high drama, Kor­daMen­tha did not dis­close the re­vised Fort Street let­ter to the ASX un­til about six hours af­ter the let­ter was re­ceived by the ad­min­is­tra­tors, a delay that trig­gered a com­plaint by Mr Gordon’s lawyer and ad­viser, John Atanaskovic.

In an email seen by The Week­end Aus­tralian, Mr Atanaskovic sent the of­fer let­ter di­rectly to the ASX’s se­nior ad­viser, list­ings com­pli­ance, Belinda Chiu.

“Ten has (at best) had a check­ered record of com­pli­ance with its con­tin­u­ous dis­clo­sure obli­ga­tions as a listed en­tity since it went into ad­min­is­tra­tion,” Mr Atanaskovic wrote to Ms Chiu.

“So I am send­ing you the at­tached let­ter in or­der that you raise with Ten the dis­clo­sure of the let­ter by Ten through the ASX, if not even for the ASX to ar­range its dis­clo­sure on the ASX an­nounce­ments plat­form.”

In response, a spokesman for Kor­daMen­tha said: “Ap­pro­pri­ate com­mu­ni­ca­tions will be made at the ap­pro­pri­ate time.”

Ear­lier this week, Kor­daMen­tha was forced to de­fend its ac­tions dur­ing Ten’s re­ceiver­ship in the NSW Supreme Court. Among other ac­cu­sa­tions, it was al­leged that Ten’s cred­i­tors were “left wholly in the dark” about the value of Mr Gordon’s and Mr Mur­doch’s pre­vi­ous bid.

Lawyers for Mr Gordon ar­gued that nei­ther the orig­i­nal re­port by Kor­daMen­tha nor a sup­ple­men­tary re­port to ad­dress de­fi­cien­cies in the first one supplied any ma­te­rial as to the ef­fec­tive value of the trans­ac­tion.

Mr Gordon is seek­ing a court dec­la­ra­tion that Kor­daMen­tha failed to give cred­i­tors ad­e­quate in­for­ma­tion about his joint bid with Mr Mur­doch be­cause the of­fi­cial re­port was de­fi­cient in sev­eral re­spects.

Justice Ashley Black is due to hand down a judg­ment on Mon­day.

The court ac­tion was brought last week by Ten af­fil­i­ate WIN Cor­po­ra­tion, owned by Mr Gordon. 21st Cen­tury Fox joined WIN as a plain­tiff in the court ac­tion as a pro­gram sup­plier to Ten.

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