Ebos Group director Nick Dowling has resigned from the company today after a disclosure showed he sold shares during a restricted period without clearance.
An ongoing disclosure document reported to the NZX showed Dowling sold 1,198 shares for $48,278 on January 11 –– leaving him with just 302 shares.
The disclosure said these were sold during a closed period and written clearance was not provided in advance.
Two weeks later, he bought 206 shares as part of the retail share offer which was open at the time of his transaction earlier that month.
Ebos had offered retail shareholders $105m worth of shares but received applications for $412m so it decided to increase the amount it accepted to $171m.
Retail shareholders who participated in the offer were then scaled on a pro rata basis in accordance with their existing shareholdings before the offer.
About five million new shares were issued under the retail offer at an issue price of $34.50 per share.
Ebos is set to release its half-year results on Feb 16, which will report its earnings for the six months which ended Dec 31.
The group announced Dowling had resigned with immediate effect today but has not made any public statements as to why.
When asked by BusinessDesk if the resignation was related to the share sale, the company said it would not comment further.
NBR had reported the share sale last week.
Dowling has been on the Ebos board since February 2020 and was a member of its audit and risk committee.
He also runs a family office called Balmoral Australia and was the former chief executive of Beijing-based New Hope Group.
