Wednesday 17th November 2021
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PUBLIC CENSURE OF GENEVA FINANCE LIMITED BY THE NZ MARKETS DISCIPLINARY TRIBUNAL FOR BREACH OF NZX LISTING RULES 3.1.1 AND 3.26.2(c)
In a determination of the NZ Markets Disciplinary Tribunal (the Tribunal) dated 3 November 2021, the Tribunal found that Geneva Finance Limited (GFL) breached NZX Listing Rules 3.1.1 and 3.26.2(c).
GFL released earnings guidance for its financial year ended 31 March 2021 on 15 March 2021 (the Announcement). The Tribunal found that the earnings guidance was Material Information, that GFL had become Aware of the earnings guidance on 2 March 2021 and that GFL had breached Rule 3.1.1 by not releasing the earnings guidance through MAP promptly and without delay. GFL accepted that it breached Rule 3.26.2(c) by not marking the Announcement with the “P” flag denoting price sensitive information.
The Tribunal ordered that GFL pay a financial penalty of $65,000, pay the costs of NZX and the Tribunal, and be publicly censured in the form of this announcement.
The full determination of the Tribunal in this matter is attached to this announcement.
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