4 questions lodged at 2025 Southern Cross Media hybrid AGM
November 30, 2025
Below is the text of the 4 written questions submitted at the 77 minute Southern Cross Media (SXL) 11am hybrid held in Sydney and via the Computershare platform on November 24, 2025. See notice of meeting which includes multiple Sandon Capital hostile resolutions spanning director removals and a constitutional amendment. See 10 questions asked at 2024 AGM and 6 questions asked at 2023 AGM. Market cap was $192m on AGM day. The proxies were not disclosed early in the formal addresses but the board comfortably prevailed on all resolutions, so the Seven West Media merger appears likely to proceed.
Q1. Why didn't you disclose the proxy position to the ASX along with the formal addresses to allow for a more fully informed debate on Ido's re-election and all other items up for debate today? Which proxy advisers covered this meeting and did they recommended in favour of Ido's re-election?
Answer: The chair Heath Mackay-Cruise doesn't appear to understand the concept of disclosing the proxy votes to the ASX along with the formal addresses, like what all the companies on this list do. He said two proxy advisers issued reports and backed Ido's re-election. It later became apparent that they backed the board on all resolutions, with the possible exception of the constitutional amendment. Watch video of exchange via Twitter.
Q2. Further to the last question, you didn't disclose the proxies to the ASX along with the formal addresses, which is AGM best practice done by the likes of Suncorp, JB Hi Fi, ANZ, Brambles, Carsales and many others, including our own share registry provider Computershare. By withholding disclosure you're doing the equivalent of asking Anthony Green to comment on the election results without any data. Please disclose all the proxy votes now on all other items. What did the proxy advisers recommend on this LTI grant item?
Answer: The chair Heath Mackay-Cruise still didn't appear to understand the concept and re-confirmed that his chair address was lodged with the ASX and that they would disclose the poll results to the ASX. Yes, that is what the law and the listing rules require. I'm just asking you to follow the lead of all the companies on this list and disclose the proxy votes earlier so we can have a more fully informed debate, something the chair doesn't seem to have heard of or understand. Watch video of exchange via Twitter.
Q3. Have our two largest shareholders, 20 Cashews and ARN Media, supported the board recommendation on all resolutions today, including this removal resolution for the chair?
Answer: The chair Heath Mackay-Cruise initially said he wouldn't talk about individual shareholders but then hinted at their support by pointing to the strong proxy results and then “Peter” from largest SXL shareholder "20 Cashews Pty Ltd" (Catalano/Waislitz) confirmed from the floor that they backed the board on all resolutions today. The 20 Cashews crew via the LIC Thorney Opportunities have a property JV with Stokes/Seven, so this pivotal vote is somewhat controversial. Watch video of exchange via Twitter.
Q4. If Orora and Sims Ltd can both recommend an identical constitutional amendment and receive support from more than 98% of voted stock, why did we resist?
Answer: The chair said such an amendment would have imperiled the merger with Seven West Media, where SXL shareholders are controversially not getting a vote. This issue prompted some back and forth between chair Heath Mackay-Cruise and Sandon Capital's Gabriel Radzyminski, who put up all the hostile shareholder resolutions today. Listen to audio of that exchange via Twitter.
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