Global Metals cops fine for breaches

UPDATE 2.20pm: A WA-focused explorer has been convicted and fined following an ASIC investigation.

Sydney-based Global Metals Exploration has been fined $8400 for failing to meet its obligations as an ASX-listed company.

The company pleaded guilty last month to 19 charges brought by the Australian Securities and Investment Commission (ASIC) and prosecuted by the Commonwealth Director of Public Prosecutions.

The charges were based on the findings of ASIC's investigation that Global Metals failed to:
• hold an annual general meeting within five months after the end of the 2013 financial year;
• keep a minute book and record within one month, the proceedings and resolutions from the company's meetings of members and directors from October 20, 2011, to September 18, 2013;
• provide its financial report, directors’ report and auditor’s report to its members within four months of the end of its 2013 financial year;
• lodge annual reports with ASIC within three months of the end of its 2013 and 2014 financial years;
• lodge half-yearly report with ASIC within 75 days of the end of its 2013 half- year;

The law requires publicly listed companies to report to members and lodge reports with ASIC.

In sentencing, the court noted the company’s responsibility in satisfying obligations under the Corporations Act, the seriousness of the company's failures, the impact of the contraventions on shareholders and the market at large.

ASIC commissioner Greg Tanzer said the matter reinforced the importance of the public receiving accurate and timely information, allowing them to make informed financial decisions.

“ASIC will not hesitate in pursuing companies that are failing to do the right thing,” he said.

Global Metals Exploration has gold projects near Leonora and Laverton. Its shares were steady at 0.4 cents at the close.