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.
