TV and radio groups pass a major hurdle on the way to a new mega media company and the retirement of chairman Kerry Stokes.
Seven West Media shareholders have voted in favor of a merger with Southern Cross Media Group, bringing together the TV/print and radio/audio businesses.
• 88.34% of SWM shareholders present and voting (in person or by proxy, lawyer or company representative) voted in favor of the Scheme Resolution; And
• 99.36% of the votes cast by SWM shareholders were in favor of the Plan Decision.
The scheme remains subject to the approval of the Supreme Court of New South Wales at the hearing scheduled for 9.15am AEDT tomorrow. If approved, this will result in an injunction being lodged with ASIC and a notice to ASX until December 24, when trading in SWM shares will be suspended.
The merger is expected to be completed on January 7.
SWM shareholders and SCA shareholders would own 49.9% and 50.1% of the combined business respectively.
SWM and SCA have agreed that Jeff Howard (pictured left) will become Managing Director and CEO of the combined group and John Kelly (pictured right) will take on the role of Group Managing Director Audio.
Chairman Kerry Stokes will step down from his role from February and will be succeeded by Heith Mackay-Cruise (pictured above), the current chairman of Southern Cross Radio.
A newly designed board would consist of four representatives from Seven and three from SCA.
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