ASX throws book at tardy firms
The Australian Securities Exchange has kicked off the year in a combative mood, sending out a string of "please explain" letters to WA companies with tardy disclosure practices.
As much of the West Aust- ralian workforce trudged back into the office yesterday, the ASX was on the lookout for breaches in listing rules as companies recovered from a Christmas break hangover.
Iron ore hopeful Jupiter Mines blamed the break and a lack of staff for its "administrative oversight".
The company, which is set to de-list from the local exchange this year, came under the spotlight for a two-week overdue disclosure of a change of holding for director Priyank Thapliyal. He owns 18.9 million Jupiter shares worth $1.5 million.
Fellow iron ore hopeful Fairstar Resources blamed "extenuating circumstances" and "the time of year" for disclosing an issue of 25.1 million shares two days late.
Fairstar has been under the microscope recently. Last month it was forced to respond to a speeding ticket from the ASX after its shares jumped 25 per cent on big volumes on the back of no news. The company was up 0.1¢ to 1.3¢ yesterday.
The close-checking continued with newly listed Perth-based tech stock Applabs. The company, which listed on December 16, was warned about the late disclosure of multiple directors' interests.
It cited a "miscommunication of responsibilities" and problems in the handover of administrative processes.
It was unclear yesterday whether the ASX would continue to pursue the multiple breaches.
