Blackwell International (BGI)

[MarineSalvage]

The NZX will have to go to the back room and find the wet bus tickets left over from the Watson days

[Balance]

The NZX will have to go to the back room and find the wet bus tickets left over from the Watson days

Nothing will happen with the directors and managers because if anything is found to be in breach of NZX rules, the company pays - not the directors or executives.

[SpaceZ]

Nothing will happen with the directors and managers because if anything is found to be in breach of NZX rules, the company pays - not the directors or executives.

The directors will have some kind of responsibility if it involves wilful blindness. Re: Mainzeal case.


$0.0015 x 100,000. shares = $150 as compare with
$0.15 x 100,000 shares = $ 15,000.

The mistake is obvious to the question of whether there are elements of wilful blindness and disregard. All these involve quality of forensic investigation and preparation.

[MarineSalvage]

In the end the directors sign off the accounts...

[whatsup]

In the end the directors sign off the accounts...

Reminds me of a company not too long ago ( within the last year or so ) that I had shares in of a similar ilk as BGI that had a similar ( mistake !) in their published accounts that were ( released ) to the S Hers and public, when I noticed that ( mistake ) I notified the fish head on the board and reported to him my discovery , how can this be correct as to my mind the amount was two decimal points out, he said straight away , of course you are correct and withdrew the accounts for correction and rerelease .

So why did not this happen this time, do people not thoroughly read accounts that they have shares in when released, and if found to be incorrect notify the fish heads in the company?

[King1212]

What a great well planned heist!

[nztx]

Reminds me of a company not too long ago ( within the last year or so ) that I had shares in of a similar ilk as BGI that had a similar ( mistake !) in their published accounts that were ( released ) to the S Hers and public, when I noticed that ( mistake ) I notified the fish head on the board and reported to him my discovery , how can this be correct as to my mind the amount was two decimal points out, he said straight away , of course you are correct and withdrew the accounts for correction and rerelease .

So why did not this happen this time, do people not thoroughly read accounts that they have shares in when released, and if found to be incorrect notify the fish heads in the company?

ALF -- Allied Farmers was another one, post Share consolidation which had a NZX recorded NTA per share which also looked to be a complete screw up & that situation from memory went on unchanged for months afterwards on NZX Company data page..

[nztx]

https://www.nzherald.co.nz/business/...ectid=12350835

Multiple directors and senior management had sold shares during the latest rally, and one director sold 5,861,000 shares - more than 1 per cent of the microcap company, broking house Jarden noted.

but does NZX have appropriately equipped bods onboard to start tracing the share trades to see if anything inappropriate has gone on or there is a visible target to nail a naughty boy ticket on ?

At what point does questionable conduct turn to fraudulent behaviour, if there is evidence of SP jacking up, or is that the point where FMA (bless their sweet little over-rewarded hearts for the onerous task of squatting at a desk trying to look busy, courtesy of the recent heavily hiked fees imposed on all companies etc) or SFO get a call to look in ?

[Sideshow Bob]

In the end the directors sign off the accounts...

The FY19 accounts (and preliminary accounts FY20 page 7) are correct. But one part of the announcement on 25th of June stated the 15c NTA. NZX website must have taken it from there.

Company responsible, NZX perpetuated it.

NZX corrected it very quickly when it was politely pointed out to them that their website info was erroneous.......

[blackcap]

In the end the directors sign off the accounts...

It's a wonder the auditors did not pick this up?

Ah, I see later that the accounts were correct, somewhere human error transposed a decimal point a few spaces along. Can happen, not the worst thing. But if in the interim some insiders sold their shares that is a bit naughty.