Agreed. Top shareholders of SXL wanting to vote out the SCA...

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.