P.M. BRIEFING : Bond Denied TV Firm Extension
The four major shareholders in British Satellite Broadcasting Ltd. said today they have refused troubled Australian businessman Alan Bond any further extensions to sell his stake in the television company.
Granada Group PLC, Pearson PLC, Reed International PLC and Chargeurs SA of France said the latest extension ran out on July 19 for Bond’s company, Bond Corp. Holding Ltd.
The effect of the action was to shrink Bond’s stake in Britain’s second satellite television network to 7.4% from an original 37%, BSB said.
The major shareholders had given Bond a number of extensions on time limits in which to sell his stake in order to avoid the effect of a dilution in the stock from a large sale of additional shares to other shareholders.
Analysts say Bond’s stake is worth about $55 million, compared with his total original investment of $282 million.
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