FMA initiated civil proceedings against Archer Capital (Pty) Limited and Healthcare Industry Limited (HIL) for alleged breaches of the substantial shareholder disclosure obligations contained in the Securities Markets Act 1988, in relation to shares in Abano Healthcare Group Limited (Abano).
This action reflects our view that timely and accurate disclosure is central to the promotion of well–informed and transparent financial markets.
The FMA discontinued this case. We consider that the claim was justified, but it is no longer in the public interest to progress the matter to trial. See media release.
A Case Management Conference took place in the High Court at Auckland and timetabling orders were made. A 3-week hearing scheduled to commence on 1 August 2016.
FMA filed replies to the HIL and Archer statements of defence.
HIL and Archer each filed statements of defence.
The FMA has filed and served civil proceedings against Archer and HIL. See media release.