No need to quote the listing rules at me. I have 15 year's experience in that field.
Troy has traded 48 hours in advance of an ASX release. Normal circumstances would not allow this. The Chairman/Board would not allow this and a professional company would not allow this.
My comment in regards to "market sensitive" was in relation to the ASX derived ticker. It is not set by the company.
In any case, the company has a legal obligation to keep shareholders informed and they have acheived that today with theis latest release.
My issue is with the MD buying shares in advance of the release and, presumably, the board/chairman approval of this purchase. If the approval was not sought or required, it is a clear failure in corporate governance by the company. No winners here.
Further, the Appendix 3Y states that the shares were purchased on market between 18-23 June. If the purchases commenced on June 18, Troy is late in issuing his Appendix 3Y as this needs to be disclosed 5 business days from the purchase.
From the TAP website. "Tap Oil's objective is to achieve best practice in corporate governance and the company's officers and employees are committed to achieving this objective."
In this case, they have missed the point.
Cheers, Al
TAP Price at posting:
48.0¢ Sentiment: Buy Disclosure: Held
