Sharechat Logo

Commission findings due on FCL trading probe

By Nicholas Bryant

Thursday 20th April 2000

Text too small?
The Securities Commission is poised to release its findings into trading of Fletcher Challenge shares and the investigation has extended far beyond the Kerry Hoggard share-buy episode.

Commission chairman Euan Abernathy said he expected to make an announcement about a range of inquiries within the next two weeks.

The commission's investigations began after Fletcher Challenge chairman Mr Hoggard was forced to resign late last year over a substantial purchase of the company's stocks one day before a major company announcement.

The announcement was Fletcher Challenge would unbundle its much-criticised letter stock structure; news which pleased the market and made a $58,000 profit for Mr Hoggard.

Earlier this month, his profits were paid back to Fletcher Challenge shareholders.

But Mr Abernathy said the commission's inquiries had been more wide-reaching than just covering the days surrounding Mr Hoggard's buy.

He said trades well before and after Mr Hoggard's purchase had been looked at.

Mr Hoggard's buy request was carried out by broking house JB Were & Son.

The firm maintained it did nothing wrong.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar weakens on global tensions, weak local manufacturing
General Capital (GEN:NZ) releases strong preliminary result
Burger Fuel turns to profit as it changes direction
Contact secures winter gas from OMV
Arrow International liquidators find $40M of notional assets
Forestry encroachment an issue for councils - Sage
NZSA concerned Kiwi Property paying too much in dividends
NZ food prices rise an annual 1.7% in May, rental inflation steady
Provincial centres lead the way in UFB uptake
Manufacturing grows at slowest pace in more than six years

IRG See IRG research reports