Share purchases in NZME by billionaire businessman Jim Grenon may not have complied with part of the Takeovers Code, regulators say.

The Takeovers Panel says it will meet to determine whether Grenon’s share purchases at the time he bought them comply with the code.

Grenon, a Canadian who lives in New Zealand, is attempting to overhaul NZME’s board.

His efforts have attracted the attention of the Takeovers Panel, which said in a just-released statement it was aware of Grenon’s recent purchase of NZME shares.

“The panel has made preliminary inquiries as to whether Mr Grenon was an associate of Caniwi Capital Partners Limited and Spheria Asset Management Pty Limited for the Takeovers Code at the time Mr Grenon acquired the securities.

“On the basis of the information available to the Panel, the Panel considers that there is reasonable possibility that the parties were associates and therefore certain share acquisitions by Mr Grenon may not have been in compliance with rule 6(1)(a) of the Takeovers Code,” the panel said.

“The Panel met today and agreed to convene a meeting under section 32(1) of the Takeovers Act 1993 in order to make a determination about compliance with the Code,” the panel said.

More to come.