Great Southern denies breaching disclosure rules
The Australian Securities Exchange (ASX) is putting pressure on Great Southern to reveal if the forestry investment company breached continuous disclosure rules relating to returns from its 1994 and 1995 timber projects.
In a list of questions sent to Great Southern earlier this month, the ASX questioned whether the significantly lower returns reported by the company in relation to the two projects were material in value to of Great Southern.
ASX listing rule 3.1 requires a listed company to reveal any information that would have a material effect on the price or value of a company’s shares.
Great Southern has denied that it breached disclosure rules, saying that due to the two projects small size, the returns on the timber from the 1994 project were never expected to have a material impact on the company’s operations.
Returns from the two projects are not considered relevant to forestry projects that were established 10-years later, and the yields from the 1994 project were not considered reflective of wider issues affecting the management of the company within the last two years, Great Southern said.
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