An activist fund backed by Perth investor and one-time Rich Lister Rhonda Wyllie will provide most of the $10 million being raised by small cap Pacific Star Network, the owner of Melbourne sports radio station SEN, to merge with privately owned Crocmedia.
The Wyllie family owns 34 per cent of Viburnum Funds, which revealed on Monday that it would provide $8.25 million of the $10 million placement at 25¢ per share that will have PSN combine with Crocmedia to form a company with pro-forma annual revenue of $48 million and pre-tax earnings of about $10 million.