Australia's Takeovers Panel Receives Request From Southern Cross' Shareholder

MT Newswires Live

May 16, 2025

The Australian Government's Takeovers Panel received a request from Southern Cross Media Group (ASX:SXL) shareholder and investment firm Sandon Capital, seeking a variation of the Panel's January 2024 final orders, which limited shareholder ARN Media's ability to vote 6.83% of the company except in certain circumstances, according to a Friday filing with the Australian bourse.

On Monday, the company received notices from Sandon that they intend to move resolutions at the next general meeting to remove Heith Mackay-Cruise, Ido Leffler, Carole Campbell, and Marina Go as directors, the filing said.

Sandon has now requested the Panel to vary its final orders to allow ARN Media to vote its shares on proposed board spill resolutions at the upcoming general meeting, the filing added.

A sitting panel has been appointed related to the matter, and no decision has been made whether to conduct proceedings.

Shares of the company fell past 3% in recent Friday trade.

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