Like watching a pair of spotted hyenas casing a snuggle of tree sloths
Source: The Financial Review By: Joe Aston On Tuesday morning, Southern Cross Media announced that it was diluting its shareholders by 49.9 per cent a...
03 October, 2025
Southern Cross Media Group Ltd (ASX:SXL) (SXL or Southern Cross) owns FM radio stations including the Triple M and Hit networks broadcast across the country. It also owns and operates the LiSTNR podcast platform.
While traditional media has been declining for a number of years, we consider radio has characteristics that make it a far more compelling medium than either print or television.
The Opportunity
SXL has faced distractions in recent years, notably proposals involving changes of control. In late 2023, a non-binding indicative offer for SXL was proposed, with an implied price of $0.94 per share. In mid-2024, this proposal was increased, but in the end no binding transaction could be agreed.
We believe SXL has valuable assets. The company trades at a substantial discount to our estimate of its intrinsic value, though we consider that its full value can only be realised with Board and management changes.
COMMENCED
Oct 2024
OPENING PURCHASE PRICE PER SHARE
~$0.51
THE ACTIVIST CAMPAIGN
We began private engagement with the company in early 2025, while our shareholding remained below the 5% disclosure threshold. We increased our shareholding above 5% in April 2025.
In May 2025, we decided to enter a public phase to allow for better shareholder communications.
Our recent letter to the SXL Board, outlining our concerns about recent announcements, including the decision to resume dividends, is available here.
INVESTMENT STATUS
Current
Sandon Capital presented to clients of proxy advisory firm, Glass Lewis, making the case for how SXL shareholders should vote at the 2025 AGM.Ā You can read the slides that accompanied that presentation here.
Related Reads
The $180m reason why Kerry Stokes is selling Seven West
Source: The Financial Review By: Sam Buckingham-Jones Southern Cross Mediaās takeover of Kerry Stokesā Seven West Media will net the media mogul h...
02 October, 2025
Seven deal chucks a James Hardie. ASX review canāt come fast enough
Source: The Financial Review By: Anthony Macdonald This burning issue comes down to trust, and a complete breakdown of it between boards and some of t...
01 October, 2025
ASX accused of being out of step with international listing rules
Source: The Financial Review By: Joyce Moullakis and Sam Buckingham-Jones Seven West Mediaās proposed $420 million tie-up with Southern Cross has sp...
01 October, 2025
Southern Cross chair says āstrong supportā for Seven deal amid fallout
Source: The Financial Review By: Sam Buckingham-Jones The chairman of radio business Southern Cross Media insists a merger with Kerry Stokesā Seven ...
01 October, 2025
Kerry Stokes to depart Seven after merger with Triple M owner
Source: SMH By: Calum Jaspan Kerry Stokesā Seven West Media plans to merge with Australiaās biggest radio company, Southern Cross Media, in a deal...
30 September, 2025
Blue murder! Stokesā canny Seven West merger and deadline dash
Source: The Financial Review By: Anthony Macdonald The pieces of Australiaās media puzzle are moving around, and one man is at the centre of it. The...
30 September, 2025
Is media baron Kerry Stokes preparing his exit? It looks like a yes
Source: SMH By: Elizabeth Knight God forbid anyone would admit it, but the first major step towards Kerry Stokesā family empire exiting media was se...
30 September, 2025
Wholesale Investors
Get news delivered straight to your inbox
Sandon Capital presented to clients of proxy advisory firm, Glass Lewis, making the case for how SXL shareholders should vote at the 2025 AGM.Ā You can read the slides that accompanied that presentation here.