CBL shares suspended on info concerns
CBL Corp’s shares have been suspended from the NZX due to concerns the market operator’s regulation team has about whether the company has given complete and true material information to the market.
NZX Regulation said the suspension followed engagement between it, CBL, the Financial Markets Authority (FMA), the Reserve Bank, and a number of overseas regulators with prudential oversight of CBL’s interna- trading halt the signal is ‘we’ve done enough work to know we’ve got a problem, we just don’t know how bad or good it is, we now need time to narrow the range of possible outcomes to the most probable outcome’,” he said. Sheppard said the prospect of further losses at Fletcher Building didn’t surprise him. “Generally, when a train starts running downhill it takes a really long time to stop,” he said. tional insurance business. It is also investigating CBL’s compliance with its continuous disclosure obligations.
“Based on the information available to it at this time, NZXR is concerned that not all material information relating to CBL and its ordinary shares is available to the market,” NZXR said.
The shares, which were placed into a trading halt on Monday, will be suspended until NZXR is satisfied that all material information has been released to the market and that the
Sophie Boot NZXR is concerned that not all material information . . . is available to the market. NZX Regulation statement
information is complete and accurate, with the regulator unable to confirm how long that will last.
On Thursday, CBL told the market that its credit rating had been downgraded as it seeks to raise cash to deal with a mandated increase to its reserves from the Reserve Bank of NZ and Central Bank of Ireland.
CBL said the RBNZ had commissioned an independent report into the adequacy of its reserves for the French construction insurance business, triggered by the concerns raised by the Gibraltar regulator about Elite Insurance’s reserves and a report commissioned by its regulator.
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