This morning's
news is reporting that James Packer has resigned from PBL Media board positions.
"MEDIA investment company Consolidated Media
Holdings (CMH), which has a 25 per cent interest in Channel Nine owner
PBL Media, says James Packer has resigned from PBL Media group's
boards.
John Alexander, Chris Anderson and Martin Dalgleish have also resigned the PBL Media board positions.
The boards involved are PBL Media Holdings, PBL Media Finance Holdings and PBL Media Group.
"CMH no longer has any board representatives on the boards of the PBL Media group," it said.
CMH said it had resolved that the company does not intend to contribute any further funding to PBL Media.
"Accordingly,
any additional capital contribution to PBL Media by its major
shareholder, Red Earth Holdings an entity owned by funds advised by CVC
Asia Pacific and CVC Capital Partners will dilute CMH's shareholding."
As CMH will no longer has significant influence over its investment in PBL Media, the
CMH Board has also resolved to change the manner in which it accounts for
PBL Media in its books.
CMH will now cease equity accounting for its 25 per cent shareholding in PBL Media."
SEEK shares are also down 40% since September, currently at $3.65 down from a high of $5.60.
Rubicor is another recruitment stock taking a pasting - currently $0.04 down from an initial listing price of around $1.00.
These 2 examples are not unlike the rest of the market though and no great news in and of themselves. Both are strong businesses and will no doubt recover in time when the rest of the market does.
There will be a few sweaty palms around town as markets open today...