Street Talk

Sandon moves to spill Southern Cross board...but it’s ready to hit back

Sarah Thompson, Kanika Sood and Emma Rapaport

May 11, 2025 – 7.13pm

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There’s been a flurry of activity behind the scenes at ASX-listed radio and television broadcaster Southern Cross Austereo, which will on Monday seek to rebuke a board spill attempt by its newest shareholder, Street Talk understands.

On Wednesday, activist investor Sandon Capital, which appeared as substantial on Southern Cross’ register with a 5.05 per cent stake just two weeks ago, issued a strongly worded letter to the board and major shareholders. It pushed back on Southern Cross directors’ decisions to resume paying dividends and the new executive incentive scheme, describing both as a “thinly veiled bid for short-term shareholder support”.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.