NZME (ASX:NZM, NZE:NZM) said James Grenon and JTG 4 claimed that they had received indications of support for their director nominations and shareholder proposal from some of NZME's largest shareholders, representing a stake of around 37% in the firm, according to Friday filings with the Australian and New Zealand bourses.
Solicitors for Grenon and JTG 4 said that the 37% includes around 10% of shares held by Grenon in his own right.
Grenon and JTG 4 had proposed in a Thursday letter to remove all of the current directors of NZME and nominate four new directors to the NZME board.
NZME said it will provide a further update in the notice for the annual shareholders' meeting to be held on April 29.
The firm's shares fell past 3% in recent trading on the ASX on Friday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.