Disclosure doozy makes a mockery of Australia’s safe-haven fantasy
If you told a private-equity suitor about a regulatory headache, but not shareholders, was the event disclosable or not? A 15 per cent share price drop says Mayne Pharma got this one wrong.
If we’re going to kid ourselves that Australia and our sharemarket are a safe haven for global investors in volatile markets, we at least need to get some fundamentals right.
One of the most basic is listed company disclosure. It seems every second day the ASX has to pull some sleepy company’s pants down, stop their shares from trading and ask them to explain why their shares are rocketing or tanking on no news.
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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
