The Market Disciplinary Tribunal of the New Zealand Stock Exchange has given a public censure to the Alternative Market company Windflow Technolgy Ltd.
The Tribunal found that the Christchurch-based wind turbine producer had found Windflow (WTL) breached NZAX listing rules by filing its 2017 Annual Report two business days late.
“The Tribunal noted that a breach of the periodic reporting requirements is a breach of a fundamental obligation under the rules.” It said compliance with the periodic reporting requirements is essential in maintaining market integrity and investor confidence.
The NZX said the Tribunal has in recent years markedly increased the penalties it imposes for breaches of the periodic reporting requirements and matters involving repeated breaches.
“While this was the first occasion that WTL had been referred to the Tribunal, the duration of the breach in this instance was short (two business days) and did not result in a suspension of WTL’s securities, the Tribunal was concerned that this was the third consecutive breach of the periodic reporting requirements by WTL.
The Tribunal ordered that WTL pay a financial penalty of $25,000, pay the costs of NZX and the Tribunal, and be publicly censured.
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