There’s been a flurry of activity behind the scenes at ASX-listed radio and television broadcaster Southern Cross Austereo, which will on Monday seek to rebuke a board spill attempt by its newest shareholder, Street Talk understands.
On Wednesday, activist investor Sandon Capital, which appeared as substantial on Southern Cross’ register with a 5.05 per cent stake just two weeks ago, issued a strongly worded letter to the board and major shareholders. It pushed back on Southern Cross directors’ decisions to resume paying dividends and the new executive incentive scheme, describing both as a “thinly veiled bid for short-term shareholder support”.
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