It is understood circa 2 per cent of stake was collected from fellow Southern Cross major shareholder Allan Gray.
Australian Community Media executive chairman Antony Catalano has increased his stake in takeover target Southern Cross Media Group to 6 per cent, according to a substantial shareholder notice filed on Friday night.
The bulk of the stake was bought on-market by Catalano and his billionaire backer Alex Waislitz, sources said. In an intriguing twist, it is understood circa 2 per cent of stake was collected from fellow Southern Cross major shareholder Allan Gray.It comes after three of Southern Cross’ biggest investors supported an extraordinary intervention to remove the company’s board and management on March 1, after lacklustre results and slow progress in evaluating a takeover offer from rival ARN Media.
“We are calling the EGM to replace the board of directors. We believe the transaction presented by ARN/Anchorage is in the best interests of ... shareholders and the protracted negotiations risk the deal not eventuating, leaving the business with a stretched balance sheet in a challenging macroeconomic environment,” Spheria’s Matthew Booker told the Financial Review.
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