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More on the housekeeping!

ASX not amused by WA Metals' tardy disclosures
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CITY BEAT: Rebecca Urban | July 04, 2008

IT'S amazing what a good rummage around the bottom drawer can unearth.

Last week's uneaten lunch, spare change, an old stress ball showing some signs of stress itself, or perhaps a few directors' interest notices from, say, November 2006.

West Australian Metals had a bit of explaining to do yesterday, after the Australian Securities Exchange queried it on why trading disclosures for three directors were filed more than 18 months late.

The company lobbed a stack of notices, known in the game as Appendix 3Ys, on June 30, advising that chairman Rodger Johnston, chief executive Leon Reisgys and non-executive director Terence Shanahan had picked up a few swags of options each.

The problem was that the options were approved by shareholders at the 2006 annual meeting. Under the exchange's listing rules, the grants should have been disclosed within five business days.

Given the ASX has been banging on a bit about how important it is for directors to disclose their share trading activities, it was suitably peeved.

Asked about the tardiness, West Australian Metals company secretary David Semmens explained that an internal review had highlighted the omission.

Still, the directors, particularly Johnston, might like to clear out their own bottom drawers a bit more often. Over at IC2 Global, a telco-turned-miner that he also chairs, similar omissions have been occurring.

The company this week lobbed directors' interest notices from July, August and November 2007.