Related party deals sting car parts group
The share trading activity of two associated shareholders of car component company CMI has led to a declaration of unacceptable circumstances.
The Takeovers Panel has made a declaration of unacceptable circumstances in relation to share trading activity of two associated shareholders of car component company CMI – its managing director Raymond Catelan and his daughter Leanne Catelan.
On November 23, 2010, Ms Catelan acquired a 9.22 per cent stake in CMI via a trust managed by her company, Tinkerbell Enterprises. Both Ms Catelan and her father are named as beneficiaries of the trust.
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