Summary –

As reported by the AFR last week, Sandon Capital founder Gabriel Radzyminski is in the throes of hand-to-hand combat with the board of Southern Cross Austereo.

With his latest target, radio and television broadcaster Southern Cross – which owns FM stations including Triple M – Radzyminski believes the shares at 75¢ each are trading at a substantial discount to its potential, which will only be realised with a change to its board and management.

The activist investor fired off his first public shot on May 7, issuing a letter that pushed back on the broadcaster’s decision to resume paying dividends and the new executive incentive scheme, describing both as a thinly veiled bid for short-term shareholder support.

Two days later, Sandon issued a section 203D notice calling for the removal of Southern Cross chairman Heith Mackay-Cruise and three other directors, just weeks after it appeared on the register with a 5.05 per cent stake.

Southern Cross shot back on May 12 with an ASX statement that dismissed the campaign as “considerable distraction” and said the board had the backing of major shareholders. It also noted that since Sandon first bought shares in October 2024 at 51¢, the stock had climbed about 40 per cent.

Sandon escalated the campaign again on Friday when it applied to the Australian Takeovers Panel for permission for ARN Media to vote in its upcoming spill against the Southern Cross board.

• LIC Weekly Summary

  Name	Code	Closing Price	Running Yield	NTA	Premium/(discount) to NTA	Market Capitalisation (millions)	Average Daily ASX turnover (000s)
  Acorn Capital Investment Fund	ACQ	0.74	#N/A	1.10	-0.33	66.08	56
  Glennon Small Companies	GC1	0.47	0.07	0.79	-0.40	22.68	31
  Katana Capital	KAT	1.2	0.02	1.34	-0.10	37.21	7
  KKR Credit Income Fund	KKC	2.27	0.09	2.46	-0.08	732.15	431
  MCP Income Opportunities Trust	MOT	2.03	0.08	2.15	-0.06	675.27	397
  MCP Master Trust	MXT	2.07	0.08	2.01	0.03	2202.39	1087
  Perpetual Credit Income Trust	PCI	1.19	0.08	1.11	0.08	579.01	505
  Qualitas Real Estate Income Fund	QRI	1.62	0.08	1.61	0.01	985.89	283
  WAM Alternative Assets	WMA	0.96	0.08	1.19	-0.20	188.33	209

^{Closing price as at end of week.}