Late filing of notice concerning OFX CEO shareholding sparks ASX concerns

Maria Nikolova

A notice about John Malcolm acquiring 801,763 shares under the OFX Executive Share Plan was filed much later than required under ASX rules.

Provider of online payment services OFX Group Ltd (ASX:OFX) has triggered ASX questions due to untimely filing of a notice regarding the acquisition of shares by its Managing Director and CEO John Malcolm.

ASX’s concerns relate to a filing made by OFX on October 1, 2019. The document in question is Appendix 3Y and informs that John Malcolm acquired 801,763 shares under the OFX Executive Share Plan on September 4, 2019.

ASX reminds the company that Listing Rule 3.19A2 requires an entity to tell ASX the following:

“A change to a notifiable interest of a director of the entity (or in the case of a trust, a director of the responsible entity of the trust) including whether the change occurred during a closed period where prior written clearance was required and, if so, whether prior written clearance was provided. The entity must complete Appendix 3Y and give it to ASX no more than 5 business days after the change occurs”.

Further, Listing rule 3.19B states that:

‘An entity must make such arrangements as are necessary with a director of the entity (or in the case of a trust, a director of the responsible entity of the trust) to ensure that the director discloses to the entity all the information required by the entity to give ASX completed Appendices 3X, 3Y and 3Z within the time period allowed by listing rule 3.19.A. The entity must enforce the arrangements with the director.’

The Notice indicates that a change in Mr Malcolm’s notifiable interest occurred on September 4, 2019. It appears that the Notice should have been lodged with ASX by September 11, 2019. Consequently, ASX is concerned that OFX may have breached Listing Rules 3.19A and/or 3.19B.

ASX reminds OFX of its contract with ASX to comply with the Listing Rules. In the circumstances, OFX should make necessary arrangements to ensure it does not continue to breach the Listing Rules.

Accordingly, the company was asked to explain:

  • Why the Appendix 3Y was lodged late.
  • What arrangements does OFX have in place under Listing Rule 3.19B with its directors to ensure that it is able to meet its disclosure obligations under Listing Rule 3.19A?
  • If the current arrangements are inadequate or not being enforced, what additional steps does OFX intend to take to ensure compliance with Listing Rule 3.19B?

According to OFX, the Appendix 3Y was lodged late due to an administrative oversight relating to reissue of shares forfeited under the Company’s Executive Share Plan. The Appendix 3Y was lodged immediately upon the oversight being identified. The company insists that it has in place the necessary procedures and checks to ensure that Director disclosures are completed and lodged within the time period required under Listing Rule 3.19A. Apart from this administrative oversight, OFX considers the current arrangements to be adequate to ensure compliance with Listing Rule 3.19B.

Read this next

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: British Pound (GBP) Weakness, US Inflation, Euro, USD June 14 ,2024

British Pound weakens due to lower inflation expectations, potential policy changes from Reform Party, and broader economic concerns.

blockdag

Q2 2024’s Top 5 Cryptos to Buy: BlockDAG, Pepe, Toncoin, Solana and Render

Learn about 2024’s Q2 top 5 cryptos. Explore potential high-return and advancements of altcoins like BlockDAG, Pepe, Toncoin, Solana, and Render.

Fundamental Analysis, Tech and Fundamental, Technical Analysis

GBPCAD Technical Analysis Report 14 June, 2024

GBPCAD currency pair can be expected to fall further toward the next support level 1.7250, former strong resistance from last year.

Digital Assets

Binance acquitted of tax evasion in Nigeria, now faces AML charges

Nigeria has dropped tax evasion charges against two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, after the world’s largest cryptocurrency exchange appointed a local representative to handle court processes related to the allegations.

Digital Assets

Trezor launches new hardware wallet ‘Safe 5’ with fresh security features

Crypto hardware wallet manufacturer Trezor announced on Friday the launch of its latest flagship product, the Trezor Safe 5, featuring upgraded security to promote self-custody of digital assets.

Institutional FX

Tradeweb enhances RFQ trading in bonds and ETFs

“Clients can now leverage predictive analytics and data to unveil deeper insights at the list level, providing them with an unparalleled level of precision throughout every point of the RFQ trading process.”

Industry News

US repatriates $1.4B misappropriated 1MDB funds to Malaysia

1MDB was created to promote economic development in Malaysia, but instead it went to Hollywood, a superyacht, a Monet and Van Gogh, as part of a $4.5 billion money laundering scheme.

Crypto Insider, Web3

What’s New in Web3 in 2024

Is Web3 really the future of the internet? It certainly seems so. In 2024, the momentum behind decentralized technologies, blockchain, and token-based economies will be stronger than ever.

Chainwire

Stage Raises $2.4M to Revolutionize the Future of Music

Stage, with it’s $STAGE token that is set to launch soon on the BNB Chain, launches a platform where music fans directly influence the rise of new stars and get rewarded for it.

<