Activist investor buys up more SCA shares

Sandon Capital, the activist investment group looking to spill SCA’s board of directors, has bought up another $2.7 million in company shares, pushing its ownership past the 10% mark.

This marks the second time in under a month Sandon Capital has bought up SCA shares. Last month, it increased in holdings from 6.1% to 8.1%.

In May, Sandon stated its intention to move resolutions at the company’s general meeting to remove the entire board of directors.  It also stirred trouble with an application to allow ARN to use all of its voting power (some of ARN’s holding is barred from voting rights because of a legal ruling).