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- Release Date: 05/03/14 10:54
- Summary: DISCPLIN: RAK: Outcome of NZX Markets Disciplinary Tribunal
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RAK
05/03/2014 08:54
DISCPLIN
REL: 0854 HRS Rakon Limited
DISCPLIN: RAK: Outcome of NZX Markets Disciplinary Tribunal
5 March 2014
OUTCOME OF NZX MARKETS DISCIPLINARY TRIBUNAL
Rakon Limited (NZX:RAK) acknowledges the release today by the NZ Markets
Disciplinary Tribunal of its determination on a matter concerning the timing
of a market release made by the company. This relates to a matter that took
place on 5 July 2013 where Rakon's strategic partnership agreement with ECEC
was prematurely announced by ECEC to the China market just hours before it
was announced to the New Zealand market by Rakon. It had been previously
agreed to make the announcements at the same time, following the receipt by
Rakon of a USD 500,000 deposit which was the last step to occur for the
agreement to come into force. Rakon has been working with the Tribunal to
assist with their investigation of this matter. The NZ Markets Disciplinary
Tribunal has determined that Rakon is to be fined $30,000 plus costs for a
breach of the listing rules. In doing so, the Tribunal found that there has
been no suggestion that Rakon deliberately breached the Rules. Rakon
considered that, until the deposit was received in cleared funds, no
disclosure was required. The Tribunal acknowledged that Rakon was mindful of
its obligations under the listing rules and sought to ensure a co-ordinated
release of announcements.
Rakon Chairman Bryan Mogridge said "The Company's Board and management are
pleased this matter is now resolved and we accept the Tribunal's
determination. The Board of Rakon takes its disclosure obligations seriously
and it is very disappointing that a situation outside of our control has led
to this result".
ends-
Contact:
Bryan Mogridge
Chairman - Rakon Board of Directors
021 931 355
www.rakon.com
End CA:00247825 For:RAK Type:DISCPLIN Time:2014-03-05 08:54:13
