New Image fined $1.5m for 2013 Takeovers Code breaches

Wed, 29 Jun 2022

New Image Group and New Image Holdings have been ordered to pay a fine of $1.5 million for breaching the Takeovers Code in 2013.The fine imposed by the high court on Tuesday was the penalty for making a selective offer to certain shareholders on different terms to other shareholders.As well, New Image had obscured its pre-offer shareholding and failed to make all the disclosures required by the Takeovers Code, according to the Takeovers Panel.“This is an important decision, being the first pecuniary penalty imposed in respect of breaches...

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