Southern Cross Media Group

At the company’s AGM, investors had a message for the billionaire: patience is wearing thin for Seven’s plans on executive pay, and its falling market value.

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.

Serious talks over a small but significant deal that will alter Australian media began a month ago, and only select group of people, including the billionaire, were in the loop.

The Triple M owner's boss John Kelly said he believes media consolidation is required and will happen as the company itself was linked with a possible tie-up.

The media entrepreneur described Sandon's agitation towards the radio operator as "an insult to all shareholders who have obtained their shares legally".

The ASX-listed audio boss has defended his company's decision to resume paying dividends after coming under fire from Sandon Capital, which is seeking to spill the board.