TV and Radio groups pass a key hurdle on their way to a new mega-media company, and the retirement of Chair Kerry Stokes.
Seven West Media shareholders have voted in favour of a merger with Southern Cross Media Group, bringing the TV / print and radio / audio companies together.
• 88.34% of SWM shareholders present and voting (in person or by proxy, attorney or corporate representative) voted in favour of the Scheme Resolution; and
• 99.36% of the votes cast by SWM shareholders were in favour of the Scheme Resolution.
The Scheme remains subject to the approval of the Supreme Court of New South Wales at the hearing scheduled for tomorrow at 9:15am AEDT. If this is approved a Court order is lodged with ASIC and announcement to ASX to December 24, when SWM shares are suspended from trading.
The merger is expected to be implemented by 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 be the Managing Director and CEO of the combined group and John Kelly (pictured right) will assume the role of Group Managing Director, Audio.
Chairman Kerry Stokes will retire his role from February, succeeded by Heith Mackay-Cruise (pictured above), current chair of Southern Cross Radio.
A new-look board would comprise four Seven representatives and three from SCA.