NZME shares drop as earnings fall, dividend cut

Tue, 20 Nov 2018

By Paul McBeth Nov. 21 (BusinessDesk) - NZME shares dropped near a two-year low after the company forecast a 21 percent decline in full-year operating earnings and said it probably won't pay a final dividend. The owner of the New Zealand Herald newspaper and Radio Network stations effectively borrowed money to cover its interim dividend payments due to the timing of a tax bill. But under a new policy announced today it wants to cut debt by between $10 million and $15 million a year. The board, chaired by Peter Cullinane, wants the comp...

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