"Duo failed to tell market in time By Christopher Webb June 26, 2004
Well, fancy that. The authorities have pinged two company directors for failing to notify a change in directors' shareholdings within the required time - namely, Bryan John Frost, the Toorak wheeler-dealer, and his offsider, Richard Revelins.
Yesterday they each pleaded guilty in the Magistrates Court to five charges brought by the Australian Securities and Investments Commission.
They pleaded guilty to failing to notify the stock exchange within 14 days of a change of their interests in Gaming and Entertainment Group, of which they were and are directors.
Between May 16 and May 28, 2003, the pair bought 66,627 shares - mostly at 10¢ apiece - in Gaming and Entertainment in the name of AMN Nominees.
But the stock exchange was not told until mid-July.
ASIC noted that because Frost and Revelins were AMN directors, they had control over the shares and were required to tell the exchange of the share buying.
For their transgressions they were both fined $1500 and ordered to pay costs, and the magistrate ordered the recording of the convictions against them.
Advertisement Advertisement ASIC's Mark Steward said yesterday: "Information about a director's holdings must be up to date and when these holdings change, investors must be able to understand the nature of the change. ASIC will prosecute directors who flout their notification obligations."
Meanwhile, in September the shares in Gaming and Entertainment enjoyed a big run on the market and the company copped a stock exchange query after the scrip had appreciated from 10¢ to 24¢.
It has since fallen back and is now fetching 13¢.
Frost and Revelins still have their eyes on the stock. Just this week they filed notices that revealed some buying.
They bought 65,000 shares at 12¢ each and 48,750 options at 5¢ apiece on June 16 and June 21.
The notices were filed on June 22: very prompt indeed"
