Gunns have received yet another ‘Please Explain’ letter from ASX, this time due to late lodgement of a Change in Director’s Interest Notice following Robin Gray’s purchase of an additional 100,000 shares.
The circumstances were almost identical to October 2008 when Gunns were late in advising ASX of additional share purchases by the same Director.
Gunns has once again blamed My Gray but assured the ASX that procedures were in place to ensure such an occurrence won’t be repeated.
Perhaps Gunns should also have confessed to ASX that they are unfamiliar with having to observe rules and regulations. Their usual course of action is simply to have the rules changed if they’re an impediment.
But as one industry observer noted, the ASX may be forced to change its Listing Rules in cases of serial breaches.”If employees need to be drug tested then maybe there needs to be mandatory dementia testing of Directors,” he said.
Download, the latest GUNNS announcement: Response to an ASX Query – Director`s Interest Notice 3 PDF:
Mercury:
ASX probes Gray again, HERE
Share Price Plummeting:
HERE
