NZX Regulation has published its findings following investigations of Fletcher Building Limited’s disclosure of material forecast earnings downgrades in March and July 2017.
NZX Regulation commenced its investigation in March 2017. That investigation was expanded in July 2017, following a further material earnings downgrade by Fletcher Building. The investigation focused on whether Fletcher Building breached its continuous disclosure obligations under the NZX Main Board Listing Rules in relation to those downgrades. That required NZX Regulation to assess what information was material to Fletcher Building, and when that information came into the possession of Fletcher Building’s senior executives and directors to trigger the disclosure requirement.
Based on the information obtained during the investigation, NZX Regulation determined that Fletcher Building did not breach its continuous disclosure obligations. The investigation concluded that Fletcher Building released the material information relating to its earnings forecast downgrades promptly and without delay, as required under the listing rules.
The investigation report sets out a summary of the scope of the investigation and its findings. It also reiterates previous best practice guidance published by NZX Regulation in relation to assessing commercial information and the importance of robust compliance procedures.
A copy of the investigation report can be accessed here:
https://www.nzx.com/regulation/nzx-rules-guidance/nzx-mo-announcements/case-studies-investigation-reports
For further information please contact:
Hannah Lynch
Head of Communications
T: 09 308 3710
M: 021 252 8990
E: hannah.lynch@nzx.com