Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Person charged with insider trading left in 2014 - Plexure

Plexure says person charged with insider trading was a contractor who left in 2014

By Jonathan Underhill

Oct. 12 (BusinessDesk) - Plexure Group, the mobile voucher firm formerly called VMob, has distanced itself from a person charged with insider trading in its shares, saying they were a contractor who left in 2014.

The Financial Markets Authority yesterday said it has filed criminal charges under the Securities Markets Act in the Auckland District Court against a person for insider trading failing to disclose interests in VMob shares. The FMA said the person used to hold a senior role at Plexure, which had cooperated with the investigation and wasn't part of the probe.

Today, Plexure chairman Phil Norman said the company fully supports the FMA's role in ensuring the integrity of the capital markets.

Plexure "was disappointed to learn that the contractor, who’s consultancy finished in December 2014, was allegedly involved," Norman said in a statement.

The charges were under legislation pre-dating the current Financial Markets Conduct Act because the issues took place in July 2014, the FMA said.

At the time, Plexure was listed on the NZX's small-cap Alternative Market, which it joined in 2012 via a backdoor listing. The shares plunged as much as 78 percent between January 2014 and July 2014, before spiking up 25 percent in one day after announcing McDonald's Corp would use its mobile voucher platform for its 3,200 restaurants in Japan.

The shares last traded at 10 cents and have dropped 69 percent this year.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 




Barfoot & Thompson: Auckland Rental Prices Inch Up Again, But Upward Trend Could Ease In Coming Months

Data from nearly 16,000 rental properties managed by real estate agency Barfoot & Thompson shows Auckland’s average weekly rent rose by $6.12 (or 1 percent) during the second quarter... More>>

ComCom: Draft Report Says Regulatory System Favours Established Building Products
The Commerce Commission’s draft report into competition in the residential building supplies industry has identified two main factors negatively impacting competition... More>>

Statistics: Annual Wage Inflation Rises To 3.4 Percent
Wage inflation, measured by the labour cost index (LCI), was 3.4 percent in the year ended June 2022, while average ordinary time hourly earnings rose 6.4 percent, Stats NZ said today... More>>

ALSO:



Heartland: Retirees Facing Pressure From Higher Cost Of Living And Increasing Debt In Retirement

Heartland has seen a significant increase in Reverse Mortgages being used to repay debt. Among the most affected by the increasing living costs are retirees, many of whom are trying to get by on NZ Super alone... More>>


APEC: Region’s Growth To Slow Amid Uncertainties And Crises
Economic growth in the APEC region is expected to slow this year amid soaring inflation, a protracted war in Ukraine and heightened uncertainties, on top of the continuing impact of the pandemic and virus mutations that are draining resources, according to a new report by the APEC Policy Support Unit... More>>


Financial Markets Authority: Survey Sheds Light On New Zealanders’ Experiences With Financial Sector
Most New Zealanders are confident in their ability to make financial decisions, but only one-fifth say they are in a secure financial position... More>>