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:

MARKET CLOSE: Blue-chip stocks Meridian, A2 lead market lower
NZ dollar rises on Brexit hopes, rate cut reassessment
Three not failing, just needs a new owner - MediaWorks CEO
Major investors back new CBL class action targeting directors
Rip Curl purchase a done deal on Kathmandu proxies alone
Comvita chair Neil Craig eyes the exit once he finds a new CEO
Mercury raises guidance on increased storage, high spot prices
Eroad reports strong 3Q sales growth, eyes ASX listing
MediaWorks puts TV business on the block
NZ dollar benefits as preliminary Brexit deal improves risk appetite

IRG See IRG research reports