Brief: Southern Cross Media Says Revised Indicative Proposal And Board Renewal

Southern Cross Media

18/03/2024 05:38

March 18 (Reuters) - Southern Cross Media Group Ltd
 SXL.AX :
    * REVISED INDICATIVE PROPOSAL AND BOARD RENEWAL
    * REVISED NON-BINDING INDICATIVE PROPOSAL TO ACQUIRE SCA AND
SCA
BOARD RENEWAL
    * SCA BOARD HAS UNANIMOUSLY DETERMINED THAT IT IS
APPROPRIATE TO
NOW RE-ENGAGE WITH CONSORTIUM
    * DETERMINED TO NOW RE-ENGAGE WITH CONSORTIUM TO PROVIDE
CONSORTIUM WITH OPPORTUNITY TO FINALISE ITS PROPOSAL
    * INCREASING SHARE EXCHANGE RATIO SUCH THAT CONSIDERATION
COMPRISES UP TO 0.87 SHARES IN A RECONSTITUTED CO
    * ADVISED CONSORTIUM OF INTENTION TO RE-ENGAGE AND OUTLINED
BASIS
ON WHICH THIS DECISION HAS BEEN MADE
    * EXPECTED THAT SCA AND CONSORTIUM WILL CONCURRENTLY
PROGRESS
TRANSACTION DOCUMENTATION AS QUICKLY AS POSSIBLE
    * EXPECTED PROGRESS TRANSACTION WITH OBJECTIVE OF ENTERING A
MUTUALLY ACCEPTABLE SCHEME IMPLEMENTATION DEED OVER COMING WEEKS
    * MAINTAINED AN ONGOING PLAN TO MANAGE RENEWAL AND
SUCCESSION OF
DIRECTORS OVER TIME

Further company coverage:  SXL.AX 

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