Seven West Media Shareholders Back Southern Cross Merger

Overview

• Seven West Media shareholders approved the scheme, with 88.34% in favour and 99.36% of votes cast supporting it, while Southern Cross investors did not vote due to an ASX listing rule.
• A Supreme Court of New South Wales hearing is scheduled for 9:15am AEDT tomorrow, the final approval before the order is lodged with ASIC.
• The companies expect an ASX announcement and a suspension of SWM shares on December 24, with implementation targeted for January 7.
• The merged entity would be owned 49.9% by SWM holders and 50.1% by SCA holders, following the ACCC’s earlier decision not to oppose the deal.
• Leadership plans name Jeff Howard as managing director and CEO, John Kelly to lead Audio, a 4–3 board split favouring Seven, and Kerry Stokes to retire in February with Heith Mackay-Cruise succeeding.