Consultant fined for Spotless insider trading

ULF Ronnie Lindskog received a 12-month suspended jail sentence and a $15,000 fine after admitting to four counts of insider trading

CONFESSED insider trader Ulf Ronnie Lindskog yesterday received a 12-month suspended jail sentence and a $15,000 fine after admitting to four counts of insider trading in the lead-up to the successful takeover of cleaning and food services group Spotless.

Victorian County Court judge David Parsons imposed a fine of $15,000 over one charge and sentenced Lindskog, 45, to a total effective term of 12 months' suspended imprisonment in relation to the three other charges.

"But for the plea of guilty, Lindskog would have been convicted and sentenced to a period of 12 months immediate imprisonment," Justice Parsons said.

Lindskog was also ordered to pay a pecuniary penalty order of $25,613 under the Proceeds of Crime Act.

ASIC charged Lindskog over seven separate orders he placed in March, April, May and June of 2011 to purchase a total of 88,676 shares in Spotless.

At the time Lindskog was a member of a consulting team working firstly with multinational private equity firms KKR and subsequently with Blackstone Group on the proposed takeover of Spotless. Lindskog has recently been hired by agribusiness company Ruralco to assist it with a proposed bid for Elders' rural services business. He started working for Ruralco in January, reporting directly to managing director John Maher.

His appointment comes as Ruralco considers whether to refine a previous takeover proposal for Elders' rural services assets, which are up for sale.