Sandon Capital was certainly on to something when they bought their first shares in Southern Cross Media Group (SCA) back in April. The Australian-based activist investment firm who buy shares in companies they perceive as undervalued and underperforming companies to influence their boards to take action has seen the share price of SCA double from a 12 month low of 47c to a high of 94c. It sat at 82c at the end of yesterday.

SCA have released a Q1 market update that reflects significant improvements in other areas too. Audio revenue is up 4.7% on last year, underlying EBITDA up 129% on the same quarter last year. Net debt and total costs have been reduced, plus metro radio share, in a tough market, was up near 30%.

A pleased SCA CEO John Kelly (pictured) said that Kroll have been appointed to assess whether the Seven West Media merger is in the best interests of SCA shareholders. As Radioinfo reported yesterday, the ACCC is also inviting interested parties to have their say on the proposed acquisition.

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