Pacific Star Network shareholders have today overwhelmingly endorsed the 10 resolutions that were put before a general meeting in Melbourne.
The proposals all related to the merger of Pacific Star with Crocmedia, which was in effect a reverse takeover with Pacific Star acquiring Crocmedia and then engaging Crocmedia to run the business.
Pacific Star operates a number of media businesses, most prominent among them Melbourne radio station 1116 SEN.
The proposed board and senior management team includes three existing Pacific Star Network executives, chairman Craig Coleman and directors Andrew Moffat and Colm O’Brien, plus three from Crocmedia – managing director Craig Hutchison, executive director Chris Giannopoulos and general manager Jodie Simm.
The meeting was presented with an overview of the sports, entertainment and lifestyle content business, details of its footprint and details of the revenue sources.
Shareholders were told the deal placed the value of the merged business at the lower end of comparable media businesses.
Proxy voting resulted in a Yes vote recorded for every resolution with the highest No vote related to the proposals to give a performance bonus via shares to Hutchison and Giannopoulos. Even then the No vote was less than 1% of the overall.
As part of a national roadshow to launch Crocmedia’s coverage of the AFL and NRL seasons, Hutchison was in Adelaide last night for an AFL Nation launch.
Photo: Craig Hutchison with Malcolm Blight