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Share trading inquiry in Tranz Rail Holdings Ltd

Commission inquiry into share trading in Tranz Rail Holdings Limited

The Market Surveillance Panel released its report into Tranz Rail Holdings Limited last Friday.

The matter of trading in Tranz Rail shares was also referred to the Commission by the New Zealand Stock Exchange (NZSE) to consider whether insider trading may have taken place.

The Market Surveillance Panel’s inquiry related to compliance by Tranz Rail with the continuous disclosure listing rules of the NZSE.

Commission Chairman Jane Diplock said today that the completion of the Panel’s work will greatly assist the Commission in its inquiry.

Under the new securities markets legislation passed in December the Commission and the NZSE co-operate as co-regulators of the securities markets. In this case, information gathered by the Panel is being made available to the Commission to help with its inquiry.

“We expect that much of this information from the Panel is pertinent to our insider trading inquiry and will enable us to complete our work more quickly,” Jane Diplock said.

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