Allan Gray's Simon Mawhinney apologises for Southern Cross comments
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The news: Allan Gray managing director Simon Mawhinney has apologised for using “violent metaphors” in response to news that Southern Cross Austereo had agreed to merge with Seven West Media.
The context: In comments made to the Financial Review on Tuesday, Mawhinney said that the boards of companies like Southern Cross fail shareholders by striking deals involving nearly half of the company without first consulting their shareholders.
The Southern Cross board issued a statement on Wednesday describing the comments as “violent” and called on Mawhinney to withdraw them.
Mawhinney has apologised to Southern Cross chair Heith Mackay-Cruise directly, according to a spokesperson.
What they said: “My use of violent metaphors as reported by the Australian Financial Review was in bad taste and was very poor judgment on my part. I’d like to apologise unreservedly for this,” Mawhinney said.
The source: Allan Gray statement
