About the Panel

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.