The Takeovers Panel has varied its orders concerning Southern Cross Media Group Limited (ASX: SXL), following a request from entities managed by Sandon Capital Pty Ltd. Southern Cross Media Group is an Australian media company operating radio, television, and digital assets. The initial orders, stemming from a previous Panel decision, restricted ARN Media Limited from voting 6.83% of SCA shares, except under specific conditions.
The variation was sought by Sandon in light of their intention to propose resolutions at the next general meeting to remove several SCA directors. Sandon requested that the voting restriction on the Relevant Shares be lifted to allow them to be voted on these board spill resolutions, and that a definitive end date be set for the general voting restriction.
While the Panel wasn’t persuaded to fully grant Sandon’s request, it acknowledged the passage of time and the existing orders’ provision for potential adjustments. The Panel introduced a mechanism to progressively lift the voting, disposal, and other restrictions on the Relevant Shares. The varied orders include a new Order 5A, which stipulates that at the end of each six-month period after the variation date, Order 1 will cease to apply to a portion of the Relevant Shares equal to 3% voting power in SCA.
