ARN loses review of ruling it bought SCA shares in ‘unacceptable circumstances’
ARN’s appeal to overturn a decision that it bought shares from radio rivals Southern Cross Austereo in “unacceptable circumstances” has failed.
In June, ARN bought 14.8 per cent shares in SCA via fund manager, Allan Gray. At the time of the purchase, Gray had 21.71 per cent voting power in SCA, as well as 20.04 per cent in ARN; meaning at the time ARN purchased the shares, its voting power in SCA increased to 31.24 per cent.
