On the regulatory front during the quarter NZ RegCo concluded their review
of certain matters raised during 2021. The outcome was that NZ RegCo
found that NTL breached multiple provisions of the NZX Listing Rules, in
relation to the 2019 capital raise and also in relation to subsequent events
in 2021. NZ RegCo determined, that given the changes to the Board since
the 2021 ASM, an educative outcome was appropriate, rather than taking
enforcement action. Accordingly NZ RegCo published a report regarding its
review, instead of referring the matter to the NZ Markets Disciplinary
Tribunal.
The Company considers this is a fair result for shareholders who had
already demonstrated their displeasure with the previous Board at the 2021
ASM.
Bookmarks