Ann: June 2018 Quarterly Report, page-22

A bit naughty, but a vote of confidence all the same....(from the AFR 02/08)


It's usually the share sales that get directors in trouble. But over at junior coal miner Terracom, chaired by ex-Leighton Holdings chief Wal King, a share purchase conducted with King's approval during the closed period has drawn the ire of the ASX, leading the miner to promise to revise its securities trading policy in response.
Terracom director Jim Soorley, a former Labor lord mayor of Brisbane who used to be a Catholic priest, drew the ASX's notice late last night by lodging notice the superannuation fund held he holds with his wife purchased some 100,000 Terracom shares, for $42,000, on July 20, less than a fortnight before the release of the company's quarterly report, which came out on July 31.
The company's securities trading policy, for the record, bans all trading during closed periods, apart from with the chairman's permission if someone isn't in possession of inside information and is in "severe financial hardship". People don't tend to buy shares when in financial hardship. So, the ASX figured, Soorley must be in breach of the company's policy.
In a letter signed by King, he explained that neither Soorley nor the broader board was in possession of material information. In light of the importance of compliance, the company will be altering its securities trading policy to explicitly allow trading with the chairman's permission during closed periods, regardless of financial hardship. As for remedial action over the breach, the existing and new policy, he promised, would be circulated to directors and staff. That'll show them.

As for Soorley, Terracom's share price is up 14 per cent since he purchased, meaning he's made nearly $6000 so far.