Sandon Capital, the activist investor pushing to sack the board of directors at SCA, has increased its stake in the broadcaster to more than 10%.
Sandon has since June lifted its holding to 10.2% from 6.1% in two on market raids, the latest rising from 8.1% and costing more than $2.7 million.
SCA last traded its shares at 55 cents each.
According to filings to the ASX, Sandown now has 24,512,511 shares in SCA
The funds manager is campaigning for change at SCA, including replacing the board of directors.
Sandon has described the board of directors as being in “self-preservation” mode in a tough advertising market.
It has attacked the company’s decision to resume paying dividends, its announcement of an “unrealistic” executive bonus scheme and says SCA needs to further reduce debt levels.
However, the SCA believes it has support from more than 50% of its voting capital.
SCA, in a trading update, reported “strong” audio revenue, up about 9% and ahead of its own guidance, for the first four months of calendar 2025.
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