Southern Cross Media Group Limited (ASX:SXL) Challenges Sandon Capital’s Attempt to Remove Board Members
Resolution Notices from Sandon Capital
Southern Cross Media Group Limited (ASX:SXL) received notices under section 203D of the Corporations Act from Sandon Capital Pty Ltd, representing over 5% of SCA’s ordinary shares. The notices aim to remove directors Mr Heith Mackay-Cruise, Mr Ido Leffler, Ms Carole Campbell, and Ms Marina Go at the next general meeting.
Shareholder Support and Board’s Stance
Major shareholders holding more than 50% of voting capital, including Thorney Investment Group and Associates (15%), Spheria Asset Management (10%), and Ubique Asset Management (10%), support the current Board and management. SCA encourages Sandon Capital to withdraw the resolution notices, citing limited prospects of success.
Financial Performance and Future Plans
SCA reported strong operating momentum in the first four months of 2025, with audio revenues growing by approximately 9%, surpassing previous guidance. Non-revenue related costs for FY25 are expected to be around $265 million, $5 million ahead of estimates. The company intends to resume dividends with the final dividend for FY25 and has executed a binding agreement to sell its remaining television assets to Seven West Media.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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