A recent prosecution by ASIC against an ASX listed mining exploration company serves as a timely reminder about the repercussions of making misleading market announcements, not only for the company, but also for its directors.
On 19 August 2016, the Federal Court handed down a decision which saw two executive directors of Padbury Mining Limited (Padbury), Gary Stokes and Terence Quinn, being banned from managing corporations for three years and fined $25,000 each for breaching their disclosure obligations as directors. They were also ordered to pay ASIC’s costs of $200,000.
McCullough Robertson's companion piece to The Chairman's Red Book. It is written for chairmen and directors of listed and unlisted public companies, providing an overview of relevant laws and regulations applicable to their roles.
Showing posts with label market announcements. Show all posts
Showing posts with label market announcements. Show all posts
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