Broadcaster ARN has sold more shares in rival SCA, the Southern Cross Media Group, to a point where it is no longer a substantial shareholder.
ARN Media in June 2023 grabbed a 14.8% stake in SCA at $1.08 per share and then made a takeover bid which later fell apart when backer Anchorage Capital Partners withdrew.
The latest sell down by ARN was 7,196,974 ordinary shares which fetched about $4.79 million on the market, according to a notice to the ASX.
The buyers appear to be institutional investors. Samuel Terry Asset Management went on market to buy 7.19 million shares for $4,812,311. The activist investment manager now holds 7.7% of SCA.
In December, ARN sold 19.1 million SCA shares, or about 8% of the company.
Shares in SCA last traded at 69 cents each, giving a market capitalisation of $330 million. ARN closed at 37 cents yesterday.
SCA this month merged with Seven West Media, and is now trading on the ASX under the old SCA code of SXL.
Jeff Howard, chief executive of Seven West Media, leads the combined group as CEO, with SCA chair Heith Mackay-Cruise to take the role of chair when billionaire Kerry Stokes steps down next month.
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