The S&P/NZX 50 Index closed at 12,550.05, down 51.37 points or 0.41%.
The group, led by Rob Hewett, believes it has support from 35% of shareholders.
An Auckland-based Canadian billionaire previously linked to an alternative news venture has taken a substantial share holding in NZME, the owner of the NZ Herald, Newstalk ZB and BusinessDesk.In a release to the New Zealand Exchange (NZX) on Monday, Canadian private equity tycoon...
Interim CEO John Journee says the company is likely at the bottom of the retail cycle.
He left Westland Milk Products in late January.
Since the beginning of February, the S&P/NZX 50 is down 3.15%.
The lessons of last winter will be tested in the coming months.
No savings were quantified but lower costs are a feature of the ad campaign.
The S&P/NZX 50 Index had a late flurry.
The news should force a reconsideration by Novitas.
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