This is what happens when the accountant has been put in charge and you’ve lost the trust and confidence of your customers.
NZME chief executive Michael Boggs will spend the next 10 days meeting and greeting current and potential investors after APN News & Media shareholders overwhelmingly backed plans to carve out the New Zealand unit.
The Auckland-based publisher and radio network operator will operate as a standalone listed company after the plan to demerge NZME got 99.98 percent backing at Thursday’s special meeting in Sydney.
The transaction will see a one-for-seven share consolidation in the Australian company, then a distribution of NZME shares to those investors on a one-for-one basis. The deal then frees up APN to focus on Australian radio and outside advertising business, while NZME can pursue its merger with rival Fairfax New Zealand.
Boggs told BusinessDesk he’s about to hit the road to meet current and potential shareholders in Auckland, Wellington, Sydney and Melbourne over the next seven to 10 days to engage and get feedback from shareholders on their views of NZME and where they think the media group should be heading.
“We now can control our own decision making around capital investment and funding,” Boggs said.