GTK
11/11/2014 08:30
GENERAL
REL: 0830 HRS Gentrack Group Limited
GENERAL: GTK: NZXR update re Gentrack Group Limited
NZX Regulation (NZXR) wishes to update the market in relation to its
investigation of Gentrack Group Limited's (Gentrack) FY14 profit guidance
update released to the market on 1 August 2014.
That guidance stated that Gentrack's FY 2014 revenues, pro forma EBITDA and
statutory net profit after tax would be lower than forecast in the offer
documents published by Gentrack in June 2014 in relation to its initial
public offering.
NZXR has investigated whether Gentrack met its continuous disclosure
obligations under Main Board Listing Rule 10.1.1 in relation to its 1 August
announcement. That rule requires issuers to immediately disclose material
information to the market once becoming aware of it.
NZXR has completed its investigation into this matter, and has not identified
any breach of NZX Main Board Listing Rule 10.1.1. NZXR does not intend to
take any further action, or comment further, in relation to this matter.
NZXR notes the report issued by the Financial Markets Authority (FMA)
yesterday, stating that FMA will not be taking any action against Gentrack,
or its directors, in relation to the disclosures in Gentrack's offer
documents at the time of its initial public offering. NZXR has been liaising
with FMA in relation to NZXR's investigation.
NZXR notes that timely disclosure of material information is essential to
maintaining the integrity of the market and:
o ensures that the market is informed of relevant information in a timely
manner
o promotes equality of access to information so that investors can make
informed investment decisions
o plays a critical role in promoting fair, orderly and transparent markets
The obligation to disclose material information in a timely manner is a
fundamental obligation placed on issuers under the Listing Rules.
Regulatory performance in 2014
Up until 31 October 2014 this year, NZXR had conducted 168 investigations and
enquiries into possible breaches of NZX rules (106 in relation to issuer
compliance and 62 in relation to participant compliance) and reviewed 25
complaints from third parties in relation to issuer and participant
compliance.
Up until 31 October 2014, NZXR had referred 11 matters to the NZ Markets
Disciplinary Tribunal, compared to 9 referred in the 2013 calendar year and 5
in 2012.
For further information please contact:
Kate McLaughlin
Corporate Communications
M: 027 533 4529
T: 09 309 3654
E: [email protected]
End CA:00257451 For:GTK Type:GENERAL Time:2014-11-11 08:30:06
