Michael Horton is the former owner of the NZ Herald, when it had a reputation as a newspaper of record and credibility as a prestigious media organisation.
Sadly, those times have passed and now it is a shadow of its former self.
He has written on Facebook, in rather strong terms for him, about the proposed merger and new corporate structure.
With the lack of critical financial reporting now endemic in the media, perhaps one could reflect on a few oddities of the imminent float of NZME on the New Zealand Stock Exchange. For the NZX not to insist on a prospectus for this new vehicle aimed at attracting fresh capital from New Zealanders would be one’s first misgiving. This means no audited accounts and no forecasts for which directors should be legally liable ( viz Feltex).
Punters may feel they can take a chance with their own money but with other people’s money they might like to think about a board some of whose directors transferring to the NZME board received a massive lift in fees last year despite another statutory loss and after years of not paying dividend and despite the company about to halve itself in size. Read more »