News: SXL Southern Cross Media Says Revised Indicative Proposal And Board Renewal

March 18 (Reuters) - Southern Cross Media Group Ltd (SXL) :

• REVISED INDICATIVE PROPOSAL AND BOARD RENEWAL
• REVISED NON-BINDING INDICATIVE PROPOSAL TO ACQUIRE SCA AND SCA BOARD RENEWAL
• SCA BOARD HAS UNANIMOUSLY DETERMINED THAT IT IS APPROPRIATE TO NOW RE-ENGAGE WITH CONSORTIUM
• DETERMINED TO NOW RE-ENGAGE WITH CONSORTIUM TO PROVIDE CONSORTIUM WITH OPPORTUNITY TO FINALISE ITS PROPOSAL
• INCREASING SHARE EXCHANGE RATIO SUCH THAT CONSIDERATION COMPRISES UP TO 0.87 SHARES IN A RECONSTITUTED CO
• ADVISED CONSORTIUM OF INTENTION TO RE-ENGAGE AND OUTLINED BASIS ON WHICH THIS DECISION HAS BEEN MADE
• EXPECTED THAT SCA AND CONSORTIUM WILL CONCURRENTLY PROGRESS TRANSACTION DOCUMENTATION AS QUICKLY AS POSSIBLE
• EXPECTED PROGRESS TRANSACTION WITH OBJECTIVE OF ENTERING A MUTUALLY ACCEPTABLE SCHEME IMPLEMENTATION DEED OVER COMING WEEKS
• MAINTAINED AN ONGOING PLAN TO MANAGE RENEWAL AND SUCCESSION OF DIRECTORS OVER TIME

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