Good Write Up From The Boat Fund - Mar Qtrly, page-2

A new plug for NZM in The Boat Fund's latest report:

"NZME Limited (NZM) announced jointly with Fairfax Media Limited the filing of an appeal
in the High Court against the New Zealand Commerce Commission’s decision not to clear
or authorise the merger of NZME and Fairfax New Zealand Limited. We retain the view that
any approval of the merger, in this case via a successful appeal in the New Zealand High
Court provides optional upside which the market continues to ascribe negligible value.
NZM will provide an update to the market in late June and this could provide a key catalyst
for the share price. NZM closed the month at 76 cents yet is forecast to earn 14 cents EPS
and pay a 10 cents dividend this calendar year. The company does not have a lot of debt
and generates significant free cash flows. In our mind, it is only a matter of time until this
valuation gap narrows. In the meantime we are being paid a sustainable double-digit
dividend yield to sit and wait. You can’t really ask for more as an investor."