SCA denies Deep Disagreement

Southern Cross Austereo have come out to deny reports of a "deep disagreement" with outgoing CFO Peter Lewis.

A battle has been playing out between two leading publications in the last 24 hours – The Australian and The Financial Review – but SCA has now set the record straight on one critical part of the story.

Yesterday The Australian  reported that Peter Lewis' departure as CFO of SCA  was “caused by a deep disagreement about whether the company should apply a huge writedown on its TV and radio licences, sell assets and launch a rights issue to raise capital.”

Today in The Financial Review: “Southern Cross Media Group Ltd, as well as its chief financial officer, Mr Peter Lewis, reject speculation from unidentified sources relied on by The Australian newspaper media section report yesterday that Mr Lewis resigned his position following a disagreement about the value of radio and TV licences, sale of assets and a rights issue,” the company said in a statement.

The Financial Review  goes on to say: “[Southern Cross] is fully aware of and honours its market disclosure obligations. Southern Cross Media Group Ltd confirms it has no further disclosures to make about this matter.”

Since July 17^th, there have been no further announcements to the market from Southern Cross Austereo.