"Following a period of due diligence engagement with SCA, ACP...

"Following a period of due diligence engagement with SCA, ACP has notified ARN of its withdrawal from
the Consortium. As part of its due diligence, ACP and its advisers completed an extensive review of
Regional TV. In light of a continued decline in the trading performance of Regional TV since the
Consortium Proposal was made in October 2023, the further deteriorating outlook for Regional TV, and
the existing long-term contractual obligation of SCA for outsourced TV broadcast transmission, it does
not support ACP's Regional TV investment thesis. As a result, the Consortium must withdraw the
Consortium Proposal."

Sounds like Regional TV assets are possibly worthless or will be shortly.

This has been a really silly foray by A1N. They could have had a largely ungeared balance sheet to focus on ratings and gaining share. Instead shareholders now own 19.9% of SXL. An overleveraged asset with a business unit that is probably terminal.

The smart think for A1N to do would be to negotiate an asset swap where they take SXL's Listenr and possibly some regional radio assets and SXL get back the 19.9% of the company A1N speaks for as treasury shares. Could either cancel shares (all SXL shareholders own 25% more of the company), or more sensibly possibly leak them into the market gradually to pay down debt.