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

 

Stats NZ: Consents For New Homes At All-Time High

A record 41,028 new homes have been consented in the year ended March 2021, Stats NZ said today. The previous record for the annual number of new homes consented was 40,025 in the year ended February 1974. “Within 10 years the number of new homes ... More>>

Stats NZ: Unemployment Declines As Underutilisation Rises

The seasonally adjusted unemployment rate decreased to 4.7 percent in the March 2021 quarter, continuing to fall from its recent peak of 5.2 percent in the September 2020 quarter but remaining high compared with recent years, Stats NZ said today. ... More>>

ALSO:

Digitl: The Story Behind Vodafone’s FibreX Court Ruling

Vodafone’s FibreX service was in the news this week. What is the story behind the Fair Trading Act court case? More>>

Reserve Bank: Concerned About New Zealand's Rising House Prices

New Zealand house prices have risen significantly in the past 12 months. This has raised concerns at the Reserve Bank of New Zealand – Te Putea Matua about the risk this poses to financial stability. Central banks responded swiftly to the global ... More>>

Westpac: Announces Strong Financial Result

Westpac New Zealand (Westpac NZ) [i] says a strong half-year financial result has been driven by better than expected economic conditions. Chief Executive David McLean said while the global COVID-19 pandemic was far from over, the financial effect on ... More>>

MYOB: SME Confidence In Economic Performance Still Cautious

New insights from the annual MYOB Business Monitor have shown the SME sector is still cautious about the potential for further economic recovery, with two-in-five (41%) expecting the New Zealand economy to decline this year. The latest research ... More>>