UPDATE: The spill motions put forward in the SCA AGM were not carried.
Today, Monday November 24, Southern Cross Austereo (SCA) are holding their AGM live and via webcast where there will be the outcome of several voting matter for shareholders.
The current SCA board has recommended that they vote for:
1. Receive and consider the Financial Statements and Reports for the financial year ended 30 June 2025
2. Re-elect Ido Leffler as a Director
3. Adopt the 2025 Remuneration Report
4. Approve the grant of securities (performance rights) to the Chief Executive Officer and Managing Director, John Kelly.
And against constitutional amendments plus a spill resolution put forward by Sandon Capital which would see Directors Heith Mackay-Cruise, Ido Leffler, Marina Go and John Kelly removed.
The outcomes of the AGM will decide the way forward for the merger between SCA and Seven West Media.
Over the weekend The Daily Telegraph (subscription required) reported that John Singleton had a verbal offer accepted to purchase Nine radio stations 2GB, 3AW, 4BC and 6PR for just $30 million, less that half the amount he sold his interest in Macquarie Media for in 2019. The Australian (subscription required), on Sunday had a Nine spokesperson say that no verbal sale agreement with Singleton, or any other party for that matter, was in place.
The Australian had one further interested party in the Nine stations who had put forward perhaps the best of the ‘unsolicited approaches’ Nine CEO Matt Stanton mentioned when he talked about the current review of their audio assets. That is from Australian Digital Holdings.
Australian Digital Holdings, a consortium featuring CEO Jack Bulfin, former ABC Chairman Maurice Newman, Jason Morrison who has worked with 2GB, 2UE, Triple M and was 7News Director in Sydney, and funded, in part, by James Packer, were also to have purchased the SCA owned television stations earlier this year, but after the sale was agreed it fell through due to the final conditions not being met, and Seven West Media nabbed them instead.
This was part of the reasons for the spill resolution by Sandon Capital, because SCA now get back their ‘moribund TV assets‘.
It is just one month till Christmas and GfK Radio 360 Survey 7 is released tomorrow morning, Tuesday November 25, at 9:30am. There appears to be several major industry decisions to be determined before the end of this year.
Jen Seyderhelm is a writer, editor and podcaster.