Southern Cross Broadcasting to convert all convertible preferreds

By Jennifer Chiou

New York, March 15 - Southern Cross Broadcasting (Australia) Ltd. announced it will convert all its convertible preferred shares at their maturity on March 31.

The Melbourne, Australia, media company said it had the option to redeem the securities at A$12.50 each, the face value, or convert them into Southern Cross shares.

Each preferred share converts into a number of common shares dependent on the volume-weighted average share price of Southern Cross stock during the 30 business days prior to March 31. The company will announce the conversion rate on April 3.

The company noted that shareholders will receive the 2006 interim dividend of A$0.34 per share its board declared on March 8.

Southern Cross added that the preferred shares will cease from trading on the Australia Stock Exchange on March 24.

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