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Southern Cross Media Group Limited ( (AU:SXL) ) has issued an announcement.
Southern Cross Media Group Limited has received a notice from Sandon Capital, representing over 5% of its shareholders, proposing a constitutional amendment to restrict the company from issuing more than 25% of its shares without shareholder approval. However, major shareholders, including Thorney Investment Group and Spheria Asset Management, collectively holding more than 25% of shares, oppose the resolution. This opposition suggests the resolution will not pass, allowing SCA to focus on its proposed merger with Seven West Media, which the board believes will deliver significant synergies and value for shareholders.
The most recent analyst rating on (AU:SXL) stock is a Sell with a A$0.65 price target. To see the full list of analyst forecasts on Southern Cross Media Group Limited stock, see the AU:SXL Stock Forecast page.
More about Southern Cross Media Group Limited
Southern Cross Austereo (SCA) is a leading Australian media company known for its LiSTNR digital audio app and the Hit and Triple M radio networks. The company offers a wide range of digital audio content, including live sports coverage, music playlists, local news, and podcasts, reaching an estimated eight million people monthly. SCA owns 104 radio stations and provides national sales representation for 56 regional stations, serving over nine million listeners across its networks.
Average Trading Volume: 250,648
Technical Sentiment Signal: Buy
Current Market Cap: A$201.5M
Learn more about SXL stock on TipRanks’ Stock Analysis page.