More Financial Markets Conduct Act shinangians by VML?
Quote:
Originally Posted by
winner69
Seems odd there wasn't Directors Disclosure then unless he is exempt because he is a SSH as well.
Very curious indeed. Good boys and girls who are directors always disclose their share movements, just like Scotty D and the gang in January.
Timmo may have had to announce his acquisition within 5 working days pursuant to s 297(2)(b). Both Timmo's and CAM's VML shares seem to be a relevant interest of Timmo's.
Timmo may feel as if he falls into s 302 which would seemingly exempt him from disclosing his acquisition, however I wonder whether he had to (read the words must under s 302(a)) make a disclosure for a change in his/CAM's substantial holding.
My reading is that he did not have to make a substantial holder disclosure until he resigned as director of the Collins Asset Management parent company (thereby triggering s 279, weeks later).
On this basis, it is questionable whether that exemption applies. I do not know what other exemption could apply, perhaps VML will release another rambling announcement defending themselves. Maybe I'll ask the FMA what they think? :D
Further, I wonder whether the SPP will dilute the VML shares on issue just enough to reduce CAM's holding to under 5% - what good fortune for them! Go CAM! Go Timmo! :D