Summarised by Centrist
New Zealand’s Takeovers Panel is investigating whether NZME investor Jim Grenon’s recent share purchases in the company complied with the Takeovers Code.
The Panel is examining whether Grenon was an “associate” of major shareholders Caniwi Capital and Spheria Asset Management when he acquired 1.2 million shares on 4 March, which could mean the purchases breached rule 6(1)(a) of the Code.
Grenon, a Canadian-based businessman living in New Zealand, is seeking to restructure NZME’s board with support from about 37% of shareholders, including Spheria and Caniwi.
His latest board proposal includes a reduced number of his appointees and the creation of a small editorial board chaired by Philip Crump.
NZME’s current board has pushed back, questioning editorial independence, diversity, and business planning under Grenon’s proposal.
Chairwoman Barbara Chapman defended the company’s performance and said the board remains open to further engagement. The shareholder meeting has been delayed from April 29 to June 3 as the process unfolds.
