KPMG report says Network Ten shares have nil value

An independent report by KPMG has estimated the value of shares in Ten Network Holdings Limited at nil value, as the implied or calculated value of equity is between negative $1,054.9 million and negative $529.2 million.

The Ten business – before taking into account creditors and other adjustments – was valued by KPMG at between negative $408.0 million and $117.7 million. The KPMG report says Ten's business would need to be valued at a minimum of $649.9 million in order for shares in Ten to have any value.

Ten Group creditors last month voted overwhelmingly to accept an offer by CBS that paid 100 cents in the $ to most creditors.

The KPMG report forms part of the evidence in a Court application by KordaMentha, the Deed Administrators of Ten, to transfer the shares to CBS International Television Australia Pty Ltd.