Rinehart threatens sell off of Fairfax stake
26 Jun 2012
Mining tycoon Gina Rinehart, disappointed that she had not been welcomed by Fairfax as a ''white knight'', has threatened to sell her stake in the publishing business if the board were to not bow to her demands.
Rinehart told the ABC's Four Corners that she would consider selling off her stake in the company unless director positions were offered without unsuitable conditions.
The comments sent to ABC came through her company Hancock Prospecting a week ago, when Rinehart was moving to up her stake in Fairfax, and was seeking to gain board representation.
Rinehart, now the company's largest single shareholder, with an 18.6-per cent stake, is said to be seeking three seats on the eight-member board, including the role as deputy chairman.
The board, while resisting her push insists that she support the company's charter of editorial independence, which prevents board members from interfering with the content of the publications.
According to the statement, Rinehart had hoped to be viewed by the board as a ''a successful business person and a necessary 'white knight' ''. The statement added, in the event her conditions were not met, she might sell her stake and ''consider repurchasing at some other time''.
