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Southern Cross Media Group Limited (ASX:SXL)

ALERT: Price-sensitive ASX Announcement for SXL
Current share price for SXL : $0.545 -0.35 (-39.11%)+
Announcement
Release
1 Oct 2025 9:59AM
Price at Release
$0.895
Full Release
download
Summary
Southern Cross Media Group Limited (SCA) received a notice from Sandon Capital Pty Ltd on behalf of investors requiring SCA to call a general meeting to consider a resolution for amending the constitution. The proposed amendment seeks to limit SCA's ability to issue more than 25% of its shares without shareholder approval. The amendment conflicts with a planned merger with Seven West Media. However, shareholders representing more than 25% of SCA's shares, including Thorney Investment Group and Spheria Asset Management, intend to vote against the resolution, indicating it will not pass. As a result, SCA's board will focus on the merger deemed beneficial for all shareholders.
Key Points
  • Notice received under section 249D from Sandon Capital.
  • Proposed amendment to SCA’s Constitution to restrict share issuance.
  • Amendment conflicts with proposed merger with Seven West Media.
  • Shareholders representing more than 25% oppose the resolution.
  • SCA board will focus on the merger with Seven West Media.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.