New Billionaire Investor Jim Grenon Seeks Board Overhaul at NZME, Publisher of NZ Herald

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New Billionaire Investor Jim Grenon Seeks Board Overhaul at NZME, Publisher of NZ Herald



Auckland-based Canadian private equity businessman Jim Grenon, who owns a 9.3% stake in NZME, is pushing for a major shake-up of the media company’s board. Grenon has proposed the appointment of four new directors, including himself, and claims to have the support of 37% of NZME’s shareholders. The move comes as NZME, the publisher of the New Zealand Herald, faces financial challenges and strategic decisions about its future.

Key Points:

  • Jim Grenon’s Proposal: Grenon, through his entity JTG4, has submitted a proposal to remove NZME’s current board and appoint four new directors. The names of the other three nominees have not yet been disclosed.
  • Shareholder Support: Grenon claims to have the backing of shareholders representing 37% of NZME’s shares, though NZME has not confirmed this.
  • Additional Nominations: Another shareholder, Osmium Partners (which owns 6.57% of NZME), has also nominated two new directors, separate from Grenon’s proposals.
  • AGM Vote: Nominations for directors are open until March 11, with the final vote taking place at NZME’s annual shareholders’ meeting on April 29.

Current NZME Board:
The board consists of five members:

  • Barbara Chapman (Chairwoman)
  • David Gibson
  • Carol Campbell
  • Guy Horrocks
  • Sussan Turner

Who is Jim Grenon?

  • Grenon is the founder of Calgary-based investment firm Tom Capital Management and has been associated with alternative news ventures like The Centrist and NZNE.
  • He moved to New Zealand in 2012 and owns one of the country’s most expensive homes in Takapuna.
  • Grenon has a background in law and finance, with significant wealth from the oil and gas industry. He has also been involved in high-profile tax disputes with the Canada Revenue Agency.

Reactions:

  • Troy Bowker (Executive Chairman of Caniwi Capital Partners): “I will be supporting Mr. Grenon’s proposal at the AGM in full.”
  • Michael Boggs (NZME CEO): “As a public company, NZME is governed by an independent Board of Directors who must act in the best interests of the company and all shareholders.”

NZME’s Financial Situation:

  • NZME recently reported earnings of $54.2 million but posted a post-tax loss of $16 million due to a non-cash impairment of intangible assets.
  • The company is considering separating its property brand OneRoof into a new business.
  • NZME shares have seen volatility, jumping 15% to $1.20 after the financial results announcement but easing back to $1.15 recently.

What’s Next?
The outcome of the AGM on April 29 will determine the future direction of NZME’s board and leadership. Grenon’s push for change could signal a significant shift in the company’s strategy, particularly as it navigates challenges in the media landscape.







#NZME #JimGrenon #NZHerald #MediaIndustry #BoardShakeup #ShareholderActivism #NZBusiness #OsmiumPartners #CorporateGovernance #NZMedia

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