Friday 19th October 2001
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There in its company announcements, as sharp and clear as a good picture, was Tappenden Holdings businessmen Trevor Farmer, Alan Gibbs and holding company Custodian 1053, selling down their stakes in Sky TV.
The date on the announcement was right, but it all turned out to be the stock exchange having to do a repeat of a message it should have posted last February when Farmer actually sold off his 12.7% and Custodian and Gibbs their respective parcels of 6.35%.
Tappenden said the NZSE had left the original substantial security holder notice in the can instead of screening it at the right time.
A spokesman for the NZSE said whether it had been misplaced or not, the transactions had been caught up in regular checks the exchange runs against annual reports and the security notices.
If the two don't tally - look out. The spokesman said if no explanation is forthcoming, the next stop is the Securities Commission.
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