Extract from the Chairman’s address at the AGM today.
“In relation to the securities trading policy, and as advised to the ASX on 12 September 2017, following expiry of the voluntary escrow over a number of shares held by management, certain escrowed shareholders sold 14 million shares on that date via our float brokers to a range of institutional and sophisticated investors. This transaction included 9 million shares sold by Keith Cohen and 3.5 million shares sold by former director and Head of Shared Services, Mr Harvey Light. Mr Cohen retains approximately 32.3 million shares.
In consultation with the Board, Mr Cohen has voluntarily agreed not to sell any of the retained shares released from escrow and to extend the period of escrow of the balance of his shareholding, until September 2018. Moreover, Mr Cohen has indicated to the Board his intention to remain a major long-term shareholder of the Company.
In relation to this share sale, I confirm the Board’s robust governance practices and specific procedures, around the trading of shares by directors and employees, were fully implemented. These procedures include ensuring any sale happens:
within a prescribed trading window;
that at the time, management are not in possession of any market material information
not otherwise in the public domain; and
the Company remains in compliance with its disclosure obligations.”
Interesting that the Chairman specifically mentioned this in his address? I wonder why?
FIG Price at posting:
52.0¢ Sentiment: Hold Disclosure: Held
