The Commission alleged that from 22 December 2008 until 19 February 2009 Nuplex breached its continuous disclosure obligations under the NZX Listing Rules and the Securities Markets Act 1988 by failing to disclose to the market a breach of a banking covenant, and that both Nuplex and the directors are responsible for this failure.
The parties have reached a full and final settlement of the matters raised in the Commission's proceedings. As part of that settlement, Nuplex will make available a sum of NZ$3,054,980.57 as compensation for all shareholders who purchased and retained shares in Nuplex over the period from 22 December 2008 to 18 February 2009. Also, the Commission's court proceedings against Nuplex and the directors will be discontinued. See media release.
The Securities Commission filed civil proceedings against Nuplex Industries Limited and six of its present or past directors, John Hirst, Robert Aitken, Barbara Gibson, David Jackson, Bryan Kensington and Michael Wynter. See media release.