NZME Takeovers Panel determination

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Media Release

For immediate release

7 May 2025

NZME / James Grenon - Takeovers Panel determination

In April 2025, the Takeovers Panel held a meeting under section 32 of the Takeovers Act 1993 to inquire into
potential non-compliance with the Takeovers Code by Mr James Grenon when he acquired a total of 1,212,975
NZME shares, representing 0.646% of the voting rights in NZME Limited on 4 March 2025.

Today, the Panel released its determination and statement of reasons. A copy is available here.

In summary, the Panel was satisfied that the acquisitions did not breach rule 6(1)(a) of the Code. The Panel’s
decision turned on whether, at the time of the acquisitions, Mr Grenon was an associate of Spheria Asset
Management Pty Limited, the controller of at least 14.946% of voting rights in NZME, and with Caniwi Capital
Partners Limited, the controller of 1.674% of the voting rights.

After receiving documentary evidence and hearing oral evidence, the Panel was satisfied that, at the time of the
acquisition, Mr Grenon was an associate of Caniwi, but not an associate of Spheria. Accordingly, after the
acquisitions, Mr Grenon, together with his associates, did not hold or control more than 20% of the voting rights
in NZME.


ENDS

Media contact
Andrew Hudson | Chief Executive
P: (04) 815 8452 | M: 021 815 401
E: andrew.hudson@takeovers.govt.nz

About the Takeovers Panel
The Takeovers Panel is an independent Crown entity established under the Takeovers Act 1993. The Panel’s mandate is to
strengthen investor confidence in New Zealand’s capital markets by enforcing the Takeovers Code. The Code ensures that all
shareholders have a fair opportunity to participate in control change transactions (such as takeovers, mergers, acquisitions and
allotments) in Code companies.
Further information on the Takeovers Panel is available at www.takeovers.govt.nz