One of Southern Cross Media Group's (SCA) largest shareholder group, Spheria Asset Management (Spheria), is calling for the ousting of the group's chair and independent director, Robert Murray, along with a general meeting to review directorship after the board rejected ARN's offer to buy the group last week.

Spheria is an investment manager for investors holding more than 5% of the votes that may be cast at an SCA meeting. In a letter today, the manager revealed Citicorp Nominees (Citicorp), the bare trustee of these shares, is moving for a resolution to remove Murray with immediate effect. Citicorp also plans to remove any other person appointed as an SCA director between the date of the section 203D notice and the date of the SCA general meeting.

Spheria has called for SCA to arrange a general meeting of members pursuant to section 249D of the Corporations Act.

The move comes after SCA rejected a buyout offer from ARN Media and Anchorage Capital Partners, claiming the Indicative Proposal in its current state 'undervalued' SCA. Murray said at the time the board acknowledged the strategic merit underlying the Consortium’s proposal but "considered the current terms of the proposal undervalue SCA".

"We are open to considering proposals from the Consortium or other parties that would deliver fair value and be in the best interests of all our shareholders," Murray stated at the time.