Rinehart lifts Fairfax stake, attacks board

Billionaire Gina Rinehart has raised her stake in Fairfax to more than 13%, making her the largest shareholder in the company, while she has also taken aim at the rest of the company’s board.

In a statement given to Fairfax, Rinehart said it’s too early to tell whether Hancock Prospecting will continue to buy more shares or “find some other satisfactory solution”.

“There are questions to be raised concerning the current chairmanship that has presided over both an approx. 60% loss in sharemarket value and continuous loss of circulation of all (its) major mastheads, which in turn (affects) revenue,” Rinehart said.

“Answers need to be given as to how the chairman will address this in the interests of all shareholders, rather than merely hoping for improvements in circulation, revenue and share price or perhaps trying to blame… industry conditions.”

This article first appeared on SmartCompany.