ANZ today announced that it had lodged a Notice of Appeal from the decision of the Federal Court of Australia in relation to ANZ’s fully underwritten institutional share placement in August 2015.
In a judgment delivered on 13 October 2023, the Court found ANZ should have notified the Australian Securities Exchange of the joint lead managers’ take-up of shares in the placement.
A civil penalty of $900,000 was imposed on ANZ for a continuous disclosure contravention that the Court found occurred on 7 August 2015.
ANZ Chief Risk Officer Kevin Corbally said: “Given the importance of continuous disclosure laws, there is benefit for financial market participants in obtaining guidance from the Full Federal Court.”
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