SCA fights back against board coup attempt

Hal Crawford

May 12, 2025 10:13

Southern Cross Austereo has fought back against an attempt to sack four of its board members, shoring up support among its big investors.

SCA made an announcement on the ASX this morning, noting the attempt by activist investor Sandon Capital and stating the current board had the backing of major holders.

Heith Mackay-Cruise

According to The Australian, chair Heith Mackay-Cruise received a letter from Sandon last Thursday, accusing the board of issuing dividends in order to win investor backing.

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Hal Crawford

Crawford has worked across news media over a 30-year career, including running Ninemsn editorial in Sydney (editor-in-chief and publisher) and the TV3 newsroom in Auckland (chief news officer).

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1 COMMENTS

Succession 12 May 25

I’m no Jimmy Buffet… but does ARN still own shares? And if so, if ARN plus Sandon equals more than 25%, we are expecting a vote against the remuneration report to cause a board spill anyway aren’t we?

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