Ah ok , the fact that people think Stokes controls 80% of SWM...

Ah ok , the fact that people think Stokes controls 80% of SWM helps me to make sense of why everyone on here seems to be jumping at shadows and constantly negative about Kerry Stokes. Don't get me wrong I'm no Stokes apologist but I think people need to appreciate the fact that Stokes didn't create this ad market recession that ALL ASX media companies are suffering through (OML, SXL, A1N, NEC ). The share price fell because analysts downgraded both NEC and SWM in May 2022- this occurred not because of Stokes but because of 13 successive interest rate rises in a row. The rebound in share price will be just as sudden and management has done everything in their power to get the business set to capitalise on better ad market conditions.

For those that weren't at the AGM I can tell you one thing for certain -Kerry Stokes and the SWM Board are actually committed to paying a dividend when prevailing market conditions improve which will happen by September 2025.

It's ok to feel pain about holding SWM (Goodness knows SWM has been languishing at these low prices for long enough!) but lets not lose our heads in the process. This current share price provides AMPLE downside protection and even the most pessimistic of investors can see that the shares are worth multiples of its current price.

So back to the point in question Seven Group Holdings Limited (now called SGH Limited) owns 618,711,654 shares of SWM (approx 40.2%) held in the name of its subsidiary Network Investment Holdings Pty Limited. Kerry Stokes via his private company Australian Capital Equity Pty Limited owns approx 207,304,349 shares or 50.93% of SGH limited which gives him control of SGH Limited and therefore control of its subsidiaries including Network Investment Holdings Pty Limited.

In addition to this Kerry Stokes also owns 2,742,080 SWM shares in his other private company Kemast Investment Pty Ltd (and 329,851 NED Share rights).

The summary is that Kerry Stokes has effective control of approx 40.4% of the shares on issue in SWM via his combined Kemast Investment Pty Ltd holdings and his effective control of the publicly listed SGH Limited which has a 40.2% holding in SWM. Below is the Appendix 3Y Change of Director's Interest Notice which was filed with the ASX and confirms these details .https://clients3.weblink.com.au/pdf/SWM/02781421.pdf