NZSE should move to remove confusion says Vertex

NZSE should move to remove confusion says Vertex Group

Vertex Group Holdings believes it was important to take the time to responsibly validate a revised forecast issued last year rather than risk misleading the market with a rushed assessment. The revised forecast was prepared in a timely manner and issued to the Stock Exchange as soon as it was approved by the Board.

Vertex disagrees with the Market Surveillance Panel that the company should have been more prompt in issuing the profit downgrade.

The Company agrees that information should only be released when there is sufficient certainty that the release would not have been misleading, but disagrees with the Surveillance Panel as to when that point in time was reached. The Company notes that the Stock Exchange also disagrees with the Panel, but for different reasons.

Vertex believes there is widespread confusion about the new Stock Exchange continuous disclosure regime, and the directors of New Zealand public companies need detailed guidelines if they are to avoid unwittingly breaching the new requirements.

The Company now views this matter as concluded and intends to make no further media comment.

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