SCA board avoids activist action at AGM as Seven merger comes under attack
Heith Mackay-Cruise dodged some Seven-related questions at SCA's AGM on Monday morning
Voters representing over a quarter of Southern Cross Austereo’s ownership were in favour of removing the company chairman during a tense AGM this morning, with a series of unsuccessful resolutions nonetheless being voted down by shareholders.
Sandon Capital, which holds 11.3% of SCA’s shares, was “appalled” and “unpleasantly surprised” in late September when SCA announced plans to merge with Seven West Media.
Due to what Sandon called a “loophole” in the ASX listing rules, SCA shareholders don’t get to vote on the proposed merger. Sandon therefore put forward resolutions at the AGM to amend the loophole, and also a separate motion to remove chairman Heith Mackay-Cruise, plus directors Ido Leffler and Marina Go.
