NZME (ASX:NZM, NZE:NZM) said the New Zealand Government's Takeovers Panel considers there is a reasonable possibility that certain share acquisitions by James Grenon in the company may not have complied with the Takeovers Code, according to a Friday New Zealand and Australian bourse filing.
The Panel made preliminary inquiries as to whether Grenon was an associate of Caniwi Capital Partners and Spheria Asset Management at the time he bought the shares, the filing added.
Grenon has recently demanded a board overhaul of NZME alleging the company of "poor" operating performance and "cherry picking" data to mislead investors.
NZME's shares fell 3% in recent Friday trade.
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