Scottish media group SMG said it is satisfied that its adviser Schroder Salomon Smith Barney (SSSB) is not creating a conflict of interest, even though the bank is advising another company on the sale of an SMG stake.

Telewest, the UK cable company that is currently undergoing a restructuring, owns a 16.9% stake in SMG. The cable company is seeking approval from its shareholders to sell the stake. Shareholders will vote on the issue at an extraordinary general meeting on September 4.