WAN shares drop after Stokes buy-up

Shares in WA Newspapers Holdings Ltd continued their recent slide, dropping 3.7 per cent today as the market digested news that Kerry Stokes' Seven Network Ltd had increased its stake.
The 49 cent per share drop to $12.71 follows a significant erosion in the WA Newspapers share price since a peak in September when it closed at $15.65 per share. In April it peaked at $17 per share valuing the publisher at $3.5 billion, compared to $2.66 billion on yesterday's close.
Yesterday, Seven took the opportunity to increase its stake by about 4.2 million shares, moving to 19.4 per cent from 17.3 per cent, putting it just below the 19.99 per cent threshold which would require a takeover bid.
WA Newspapers board and management were repeatedly asked by concerned shareholders about the slide in the company's share price at its recent annual meeting.