Credit: Jan Abellan via Unsplash
Sandon Capital, the activist investor pushing to sack the board of directors at SCA, has increased its stake in the broadcaster to 11.3% from 10.2%.
Sandon has since June lifted its holding from 6.1% in three on market raids, the latest purchase costing almost 80 cents a share to add another 2.5 million shares.
The investment firm started buying into SCA when its shares were trading at 51 cents.
According to filings to the ASX, Sandown now has 27,012,511 shares in SCA.
Sandon has previously described the SCA 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 board believes it has support from more than 50% of its voting capital.
SCA last month reported revenue up 5% to $421.9 million for the full year to June, delivering on its “transformation strategy” in a challenging advertising market.
The company declared a fully franked dividend of 4 cents a share, due to “sustained operational momentum and strong financial discipline” across the business.
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