Canadian Billionaire Jim Grenon Pushes for NZME Board Overhaul

Highlights:

• Jim Grenon, a Canadian billionaire with a 9.97% stake in New Zealand Media and Entertainment (NZX: NZM), is pushing for a major board overhaul.
• He claims shareholder support is nearing 50%, with additional tentative backing from investors representing over 10% of the register.
• The proposed changes could significantly impact NZME’s strategic direction, with only one existing board member expected to remain.

Investor Seeks Major Governance Shake-Up

New Zealand Media and Entertainment (NZX: NZM) is facing a potential boardroom overhaul as Canadian billionaire Jim Grenon seeks to replace most of its directors. Grenon, who recently disclosed a 9.97% stake in the company, is rallying shareholder support to restructure NZME’s leadership.

Support Grows for Board Restructure

Grenon claims his proposal is gaining traction, with shareholder backing approaching 50% of the register. He also stated that other stakeholders representing more than 10% have shown tentative support. His plan includes appointing four new directors, with only one current board member expected to retain their position.

Strategic Direction Under Scrutiny

The move signals growing discontent among investors regarding NZME’s strategic direction and governance. Institutional investors are weighing in on the shake-up, indicating that significant changes may be on the horizon for the media company.

Stock Performance and Market Impact

At the time of writing, NZME shares are reacting to the development, with market watchers closely monitoring further shareholder movements. The proposed board changes could influence the company’s future direction, affecting investor confidence and overall market sentiment.

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