Southern Cross Media Group Limited (ASX: SXL) has announced that it received a notice under section 203D of the Corporations Act from Sandon Capital Pty Ltd on Friday. Southern Cross Media Group Limited is one of Australia’s leading media companies and the home of LiSTNR, as well as the Hit and Triple M networks. The notice, executed by registered holders of over 5% of SCA’s ordinary shares—One Fund Services Limited and One Managed Investment Funds Limited—expresses their intent to propose a resolution at the next general meeting to remove any director appointed by the board between May 9, 2025, and the meeting’s commencement.
This notice supplements the section 203D notices previously received from Sandon on May 9, 2025. The resolutions will be addressed at SCA’s next general meeting, anticipated to be the Annual General Meeting (AGM) held before November 30, 2025. The company has stated that the additional notice will not significantly alter the resolutions to be considered at the AGM, as any director appointed to fill a casual vacancy is already required to stand for election at the AGM.
SCA clarified that it has not received any formal notice mandating the convening of a general meeting to deliberate on these resolutions, nor has it been notified of any proposed director nominations for the SCA Board. The Takeovers Panel recently ruled against Sandon Capital’s request to amend its orders, which would have allowed ARN to freely vote its entire shareholding at the SCA AGM. Consequently, ARN will remain subject to voting restrictions as per SCA’s announcement on July 2, 2025.
The announcement was approved for release by the Company Secretary.
