After unsuccessfully being hocked around to potential international buyers for some time, Nine Entertainment in Australia decided its NZ media subsidiary was worthless and could only be given away.
From her media statement it seems Ms Boucher is optimistic that people will want to invest in the business under her vision; many will think she’s either brave, foolish or both.
Like other observers, we’ve commented previously on the reasons for the company’s steady demise. It’s possible that Ms Boucher is well aware that the constant hagiographies of Jacinda, her minions and ideologies have been a failure and a complete change of approach and strategy is needed, but savvy investors are going to wonder, why hasn’t that been done before now? Generating enthusiasm from the public in the circumstances that it is now in, while not impossible, is a big ask. —Eds
from the Radio NZ website:
The chief executive was returning the company to New Zealand ownership, with the sale expected to be completed by 31 May.
“Our plan is to transition the ownership of Stuff to give staff a direct stake in the business as shareholders,” Boucher said in a statement.
“Local ownership will bring many benefits to our staff, our customers and indeed to all Kiwis, as we take advantage of opportunities to invest in and grow the business.”
Nine will retain ownership of Stuff’s Petone printing plant site and lease it back to the media company. And Stuff will receive a percentage of the proceeds of its sale of Stuff Fibre to Vocus.
“As a result of the successful completion of the Stuff Fibre sale on 20 May 2020, Nine will receive 25 percent of those proceeds before completion of the Stuff sale, plus up to a further 75 percent over the subsequent 36 months, depending on the Stuff business’ ability to raise funding,” Nine said in a statement to the Australian stock exchange.