Sandon Capital Pty Ltd have purchased an additional 2.5 million shares in Southern Cross Austereo (SCA), upping their voting power from 10.2 to 11.3%.

Sandon Capital is Australian-based activist investment firm who buy shares in companies they perceive as undervalued and underperforming companies to influence their boards to take action. SCA share prices have substantially improved in the last year, reaching a high of 84c yesterday. The 12 month low was nearly half that at 45c.

In May, Sandon executed notices under section 203D of the Corporations Act to SCA seeking to remove non-executive directors Heith Mackay-Cruise, Ido Leffler, Carole Campbell and Marina Go at the next general meeting.

SCA announced its next AGM will be at 11am on Monday November 24. Sandon’s increased buy into SCA, they now have just over 27 million shares in the company, make the outcomes of the AGM for the non executive directors more uncertain.

Jen Seyderhelm is a writer, editor and podcaster for Radioinfo.