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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 -0.31 (-36.26%)+
Announcement
Release
17 Oct 2025 9:01AM
Price at Release
$0.855
Full Release
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Summary
Southern Cross Media Group Limited (SCA) has announced a proposed merger with Seven West Media Limited (SWM), acquiring all issued and outstanding SWM shares via a scheme of arrangement. The Australian Securities Exchange (ASX) has granted waivers under the ASX Listing Rules, allowing the transaction to proceed without requiring approval from SCA shareholders. These waivers include ASX Listing Rule 10.1, allowing the acquisition of shares held by Spheria Asset Management without shareholder approval, and Listing Rule 11.1, confirming no need for approval or re-compliance despite significant changes in activities. An independent expert will determine if the merger is in the best interest of SCA shareholders, ensuring no value-shifting or undue influence from Spheria.
Key Points
  • Southern Cross Media Group Limited (SCA) is merging with Seven West Media Limited (SWM).
  • ASX has provided a waiver and confirmation under the ASX Listing Rules.
  • SCA will acquire all issued and outstanding shares of SWM via a scheme of arrangement.
  • The transaction does not require SCA shareholder approval.
  • An independent expert will assess if the transaction is in the best interests of SCA shareholders.
  • ASX waived the need for shareholder approval under Listing Rule 10.1 for SCA to acquire SWM shares held by Spheria Asset Management.
  • ASX confirmed no shareholder approval needed under Listing Rule 11.1 for significant change in activities.
  • The transaction is not considered a back door listing.
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.