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Southern Cross Media Group Limited ( (AU:SXL) ) just unveiled an update.
Southern Cross Media Group Limited (SCA) has received notices from Sandon Capital, which intends to propose the removal of several directors at the next general meeting. However, major shareholders, representing over 50% of the voting capital, support the current board and plan to vote against these resolutions. SCA has reported strong financial performance, with audio revenues growing by 9% and plans to resume dividends. The company has also finalized a deal to sell its remaining television assets to Seven West Media. SCA considers the proposed resolutions by Sandon Capital as a distraction and urges them to withdraw their notice.
More about Southern Cross Media Group Limited
Southern Cross Austereo (SCA) is a leading Australian media company, operating the LiSTNR digital audio app, the Hit and Triple M radio networks, and regional television stations. It reaches over 95% of the Australian population, offering a wide range of audio content including music, sports, and podcasts. SCA also provides sales representation for regional radio stations and global audio platforms like SoundCloud and Sonos Radio.
YTD Price Performance: 18.33%
Average Trading Volume: 302,604
Technical Sentiment Signal: Sell
Current Market Cap: A$170.3M
For an in-depth examination of SXL stock, go to TipRanks’ Stock Analysis page.