NZX censures Strategic Finance for market talk
Strategic Finance Limited has been disciplined by the New Zealand Stock Exchange (NZX) for releasing market sensitive information regarding the proposed sale of its parent company by Allco HIT.
Allco HIT is in the process of selling Strategic Investment Group, the parent company of Strategic Finance. The NZX found that Strategic Finance acted in breach of the listing rules by providing material information to third parties before informing the NZX.
The breach first occurred in August when “the respondent telephoned certain market participants disclosing the material information to them”.
According to the NZX, at this point the details of the transaction were no longer confidential and therefore the listing rules had been breached.
Allco HIT provides asset financing and property related lending.
AUTHOR
External
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.
