• NZME to hold Annual Shareholders' Meeting on 3 June 2025
• Delay due to new information from shareholder Jim Grenon on board composition
• NZME Board has concerns over Grenon's proposals, including risks of no alternative plan and editorial control

NZME Limited (NZX and ASX: NZM) has announced that it will hold its Annual Shareholders' Meeting on Tuesday 3 June 2025, delaying the previously announced date of 29 April 2025. The change in date is due to new information received from shareholder Jim Grenon regarding the potential composition of the NZME Board following the Annual Shareholders' Meeting, should Grenon's proposals succeed. NZME has taken external legal advice and the Board has determined that the delay is appropriate and in the best interests of the Company, as it will provide an opportunity to engage with shareholders on the new information and allow them to consider whether they wish to put forward any other director nominations. The NZME Board has expressed a number of concerns regarding Grenon's proposals, including: 1) The lack of an alternative plan presented by Grenon, with the Board highlighting NZME's strong performance and growth in key areas like digital subscriptions and the OneRoof business; 2) The risks around Grenon gaining editorial control, with the Board emphasizing the importance of editorial independence and the potential adverse effects of politically-driven ownership; 3) The risks of minority shareholder control of the boardroom, with Grenon proposing to be the Chairman despite only owning around 10% of the company; and 4) The concerns around the various proposed board structures, which the Board believes do not satisfy the requirements of good corporate governance. NZME has also announced that a new period for the nomination of Directors is now open and will close on 5 May 2025, with previous nominations from Grenon and Osmium Partners needing to be resubmitted.