Latest news with #TakeoversPanel
National Business Review
5 days ago
- Business
- National Business Review
Takeovers Panel NZME process a ‘disservice' to NZ, Grenon says
The Takeovers Panel's enquiry into whether certain acquisitions of NZME shares by Jim Grenon were in compliance with the Takeovers Code was 'completely unnecessary and a disservice to New Zealand,' the newly appointed NZME director says. Grenon's appointment to the board of the listed media
AU Financial Review
14-05-2025
- Business
- AU Financial Review
Chocolate Yowies at epicentre of Keybridge-Bolton battle
Confectionary company Yowie has become the unlikely epicentre of a high-stakes feud between investor Nick Bolton and his former activist vehicle Keybridge Capital, which kicked him out and has now complained to the Takeovers Panel over Yowie's plans to issue $500,000 in new shares. Bolton is the chief executive of the $3 million ASX-listed company, whose colourful eponymous chocolates once lined supermarket checkout shelves. On Monday, it said it would issue 34.4 million new shares, in what Bolton's detractors labelled a thinly veiled measure to retain control of the company.
Scoop
07-05-2025
- Business
- Scoop
NZME / James Grenon
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. 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. About the Takeovers Panel The 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 mergers, acquisitions, takeovers and allotments) in Code companies. Further information on the Takeovers Panel is available at
National Business Review
06-05-2025
- Business
- National Business Review
Takeovers Panel clears Grenon of code breach
The Takeovers Panel is satisfied that Canadian billionaire James Grenon's acquisition of NZME shares was not in breach of the Takeovers Code. The decision, released today, also reveals Grenon decided to buy shares in the company after speaking with Caniwi Capital founder Troy Bowker. Grenon
NZ Herald
06-05-2025
- Business
- NZ Herald
Media Insider: NZME board battle - Takeovers Panel clears Jim Grenon of any code breach
Auckland businessman and NZME shareholder Jim Grenon - who is seeking a clean out of the media company's board - has been cleared of any breach of the Takeovers Code following his acquisition of a small number of shares. The Takeovers Panel announced today that it had inquired into 'potential
