Steven Joyce boosts NZME stake with 32,000 share purchase

Steven Joyce during the NZME’s annual shareholders meeting held at NZME. Photo / Dean Purcell

NZME chairman Steven Joyce has topped up his holding in the company, buying 32,000 shares in an on-market transaction late last week, according to an NZX disclosure statement.

Joyce, a former National MP and Finance Minister who was appointed to the NZME board in June, now holds 50,965 shares after the August 29 purchase, which was valued at $36,071.

Joyce’s acquisition follows a separate purchase by fellow director Jim Grenon who last Thursday bought another 5.5 million shares in NZME, taking his stake to almost 16%.

Grenon, who led a shakeup of NZME’s board leading to Joyce’s appointment, now holds 29.995m shares in the firm, according to NZX disclosures.

Grenon paid $6.1m for his latest parcel.

Shares in NZME, which owns the NZ Herald, recently traded up 1c at $1.14, having traded in a tight range since the board refresh. The stock has increased by 17.53% over the past 12 months.

Jim Grenon during the NZME’s annual shareholders meeting held at NZME Photo / Dean Purcell

The company last week reported operating earnings of $23.9m and an after-tax loss of $393,000 for the first half of its financial year.

In commentary to the financial results, Joyce told shareholders that the board was focused on “improving shareholder value through short-term profitability improvements, OneRoof’s growth strategy, continuation of the company’s digital acceleration programme and improving the overall experience for NZME’s audiences”.

The board declared a fully imputed interim dividend for the 2025 year of 3c cents per share.

“Based on current performance, without allowing for significant economic improvements, NZME expects to deliver operating ebitda for the full year in the range of $57m to $59m,” the company said in its release.

“The difficult economic environment continues, with business confidence showing signs of recovery but with consumer confidence continuing to fluctuate.

“With market commentators advising economic improvement is now expected to occur in 2026, NZME is adjusting its cost base to preserve profitability, while it works on lifting market share to benefit from the eventual market upswing.”

Other current NZME directors holding shares include Carol Campbell with 150,000 and Bowen Pan with 43,300.