'We are appalled': Sandon Capital maintains rage at Southern Cross amid Seven deal fury
The activist hedge fund has told investors it will push ahead with its effort to spill the Southern Cross board and change its constitution at its annual general meeting next month.
Activist hedge fund Sandon Capital will persist with a campaign to spill the Southern Cross Austereo board and change its constitution at its upcoming annual general meeting as the audio operator closes in on a controversial merger with Seven West Media.
In a note to investors on Wednesday, Sandon said it was “appalled” with the Southern Cross board for agreeing to merge with Seven in a deal it described as a “nil-premium reverse takeover”, and flagged work to continue its campaign until next month’s AGM.
“We will be finalising statements to support the resolutions that we put forward, [earlier this year], including the change to the Constitution, as well as the resolution seeking the removal of the directors,” Sandon founder and managing director Gabriel Radzyminski, told Capital Brief.
The activist fund, which controls a stake of 11.3% in Southern Cross, has emerged as one of the fiercest critics of a controversial agreement that could see the audio company merge with Kerry Stokes’ Seven without requiring the approval of ASX-listed audio company’s shareholders.
