In a letter released by the company to NZX, Jim Grenon gave more details about how the advice could be restructured, although he remained adamant that he and his three nominees – des Gittings, Philip Crump and Simon West – must be voted to replace the current board.
But he offered some commitment to “other shareholders’ factions … to end more consensus,” suggesting that four other directors could be appointed.
This may include members of the current board or advisory councils of one of NZME’s business – Senior Management, probably the Michael Boggs Chief Executive and a shareholder candidate Osmium Partners, who made two nominations.
Grenon said Boggs was not an original choice for a board member, and he did not intend to highlight it on NZME’s performance.
“Yes, it is part of what I consider some disabilities, but I am prepared to give him the benefit of the doubt that he was not the only person involved and trying a new beginning for everyone.”
He said Boggs’s appointment would be a vote of confidence that would be “useful for Michael and his team at NZME.”
Grenon – who has almost 10% stake in NZME – said he also expected directors to have reasonable stakes in the company, unlike the current board who had minimal appearances.
NZME has a variety of newspapers, including the New Zealand HeraldNewstalk ZB and other commercial radio stations and the same ceiling of the on -line property platform.
Resistance is useless
Grenon said the support was gathering for his counsel attack and the numbers were in his favor.
Initially, he said he had the support of shareholders with 37% of NZME, including his own stake, which increased to just under 50%, with another 10% arriving behind him.
“It should be noted that the discussions with these shareholders are underway, and some of them dedicated themselves a little, so I don’t know where that will end,” said Grenon.
He said he examined last year’s voting numbers and identified a large number of shareholders supporting his change.
“Reflecting on these numbers, I believe my proposal will gain the support of a overwhelming majority of votes at the next annual meeting.
“Fortunately, the existing board quickly decides that it is useless to continue and the distraction of the company’s affairs and unnecessary expenses ends.”
Grenon said his new flexibility aboard makeup was to close the issue quickly, which would be better for the company and the team.
The NZME Council said in a letter of coverage that it “remains focused on protecting the value of shareholders and ensuring that shareholders have all accurate and relevant information in order to consider the resolutions to be voted by shareholders in the annual shareholder assembly.”
The annual meeting is on April 29.
Grenon also devoted much of his letter to respond to criticism and concerns raised in the media coverage of his scam in the meeting room.
