Regulator milks dairy processor
DAIRY processor Murray Goulburn Cooperative has agreed to pay a fine after failing to inform investors about a key corporate development.
It follows an investigation into the company’s continuous disclosure provisions by the corporate regulator, the Australian Securities and Investments Commission.
The settlement stems from the company’s failure to disclose market-sensitive information in a timely manner before an announcement on April 27 last year.
Under the settlement, Murray Goulburn will agree to the civil contravention and the court-determined penalty.
ASIC would likely seek a penalty of $650,000, Murray Goulburn said yesterday.
“Listed entities must inform the market immediately when they become aware of circumstances that mean there will be material differences in market expectations of its earnings,” said ASIC commissioner Cathie Armour.
The commission did not allege that Murray Goulburn deliberately beached continuous disclosure obligations.
“We consider that this settlement is in the best interests of Murray Goulburn as we continue to focus on our objective of supporting our farmer suppliers,” said chairman John Spark.
“Murray Goulburn takes its disclosure obligations very seriously and has co-operated fully with ASIC during its investigation of these matters.”