• Panel varies orders restricting A1N from voting 6.83% of Southern Cross Media shares
• Permits voting on board spill resolutions and lifts restrictions over time
• Orders to cease once A1N obtains 100% voting power or Order 1 no longer applies

In response to a request from entities managed by Sandon Capital Pty Ltd, the Takeovers Panel has varied the orders it previously made in relation to A1N Media Ltd's shareholding in Southern Cross Media Group Limited. The final orders made in Southern Cross Media Group Limited 02R & 03R included an order restricting A1N from voting 6.83% of Southern Cross Media Group Limited (SCA) shares, except in limited circumstances. Sandon sought a variation to permit the relevant shares to be voted on the board spill resolutions and for an end date to be applied to the general voting restriction. While the Panel was not persuaded of any material change in circumstances to justify the requested variation, it noted the effluxion of time and the existing orders providing liberty to apply. On that basis, the Panel decided to vary the existing orders on a prospective basis by introducing a mechanism to gradually lift the voting, disposal and other restrictions relating to the relevant shares. Specifically, the Panel amended the orders to provide that at the end of each 6-month period after the variation date, the voting restriction order ceases to apply in relation to 7,196,974 of the relevant shares. The orders are also to cease once A1N obtains 100% voting power in Southern Cross or the initial voting restriction order no longer applies.