Ann: Media reporting, page-4

Agreed. Top shareholders of SXL wanting to vote out the SCA board and management (AFR Link) due to 'slow progress evaluating a takeover offer from rival ARN Media'. Those shareholders being Spheria Asset Management, Allan Gray, and Ubique Asset Management.

I think John Kelly has been very reasonable in his process, and without a doubt we need to consider ARN's financials to understand the value of the proposal, considering the dynamics of SP and operations. So why make a bid, ask for financials, and give no transparency in return? It seems to me that ARN are shrewd operators. I'm not convinced that any shareholder outside of these three ARN mouth-pieces would receive a positive benefit.