• Takeovers Panel varies orders relating to ARN Media's shareholding in SXL
• Restrictions on ARN's ability to vote some or all of its 6.83% stake in SXL
• Restrictions will gradually ease over time, with 3% of shares freed up every 6 months

Southern Cross Media Group Limited (SXL) has announced that the Takeovers Panel has varied orders relating to ARN Media's (ARN) shareholding in SXL. The varied orders impose restrictions on ARN's ability to vote up to 16,385,112 shares, representing 6.83% of SXL's issued capital. The restrictions will cease to apply to 7,196,974 shares, or 3% of SXL's issued capital, at the end of each 6-month period after 1 July 2025. SXL shareholders should note that the varied orders will likely restrict ARN from voting some or all of the relevant shares with respect to resolutions proposed in section 203D notices announced by SXL on 12 May 2025, even if ARN is supportive of the board and otherwise intends to vote against such resolutions. The varied orders will qualify the statement of support relating to more than 50% of SXL's voting shares announced on 12 May 2025, but will not affect the statement that Thorney Investment Group, Spheria Asset Management, and Ubique Asset Management intend to vote against the resolutions. SXL is pleased that the proceedings have now been resolved and remains focused on its business and moving forward with its 'All About Audio' strategy.