Bruce Gordon lifts Nine Entertainment voting power to 19.98%

The news: Bruce Gordon’s WIN Group has increased its voting interest in Nine Entertainment from 14.95% to 19.98% and its economic interest from 25.10% to 25.22%, according to a disclosure lodged with the ASX.

The context: As foreshadowed by Capital Brief, Gordon is edging closer to the 20% takeover threshold at Nine Entertainment. A former constraint — his ownership of a regional TV licence — was recently removed when Network 10 took control of the licence.

Under takeover laws, Gordon must stay below 20% unless launching a full bid but may increase his stake by up to 3% every six months thereafter.

The numbers: The move comes as the WIN Group unwound previous equity swap agreements and entered into new arrangements, including a cash settled equity swap over 83,162,635 shares and a physical settlement equity swap over 80,576,923 shares.