Two key directors of Rgm Media have again failed to adequately declare that an entity they control disposed of shares in the company. It is the second breach after a similar error in April, prompting the Australian Securities Exchange to query why the share disposal was not disclosed within its five business days requirement or the Corporations Act's 14 calendar day requirement. Rgm Media's chief operating officer Stephen Clark told the Asx that the error, which related to transactions by Rgm Media's chief executive Devesh Chetty and director Robyn Gardiner, were due to an administrative oversight. Chetty and Gardiner each hold more than 20 per cent of Rgm Entertainment which, in turn, holds a substantial stake in Rgm Media. "Rgm Entertainment is now taking steps...
- 7/7/2011
- by Brendan Swift
- IF.com.au
Two key directors of Rgm Media failed to adequately declare that an entity they control disposed of 728,000 shares in the fledgling company just weeks after raising $4 million from investors to list the entertainment company on the Australian Securities Exchange. Rgm Media chief executive Devesh Chetty and director Robyn Gardiner each hold more than 20 per cent of Rgm Entertainment which, in turn, held more than 23 per cent of the newly-listed Rgm Media in August 2010. Rgm Entertainment transferred 728,000 shares in an off-market trade on August 17, 2010, prompting a disclosure requirement under the Asx Listing Rules (within five business days) and the Corporations Act (within 14 calendar days). However, the disclosure was made several months later, in March, 2011, prompting...
- 4/11/2011
- by Brendan Swift
- IF.com.au
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