Auckland-based Canadian billionaire James Grenon has been identified as a major shareholder in NZME, holding a 9.3% stake in the company.
“These shares are being purchased for investment purposes,” according to a release to the NZX today. “There is no current intention to make a takeover bid.”
The NZX notice said Grenon acquired 7,857,161 NZME shares for $9.058 million and an additional 655,333 shares for $786,399.60 from Karori Capital Ltd, bringing his total shareholding to 17.51 million shares. This represents a 9.321% stake in NZME.
BusinessDesk reported in 2023 that James Grenon was associated with an alternative news venture called The Centrist and its sister website NZNE. He served as the sole shareholder and director of The Centrist until June and August 2023, respectively. After these dates, both roles were transferred to Tameem Adam Abdul-Majeed Barakat, who became the active director and sole shareholder of the company.
Grenon relocated to New Zealand in 2012 and resides in Takapuna. In 2020, his home was featured on a NZ Herald list of the country’s most valuable properties, with an estimated value of $19.5 million.
His move to New Zealand made headlines in Canada due to his transfer of $68.2 million to New Zealand while he was involved in legal proceedings with the Canadian tax agency.
James Grenon was also among the entities registered with the Electoral Commission as a “promoter” for the 2023 New Zealand general election.
According to the commission, “For the period 1 July 2023 to 30 June 2024, a promoter had to register with us if it spent, or intended to spend, over $15,700 [including GST] on election advertising during the regulated period [generally three months] before election day.”
Figures released by the Electoral Commission show that of the registered third-party promoters for the 2023 election, seven spent over $100,000 on campaigning. Only those exceeding this threshold were required to disclose their expenses, and James Grenon was not among them.
NZME’s Financial Status
Last week, NZME reported a full-year loss of $16 million after a non-cash writedown of $24 million on its publishing assets.
The company reported a 2% rise in operating revenue, with net debt remaining within the mid-range of its target. Digital revenue growth played a key role in this performance, highlighted by a 51% increase in OneRoof’s revenue.