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Diploma Group Ltd announces ASIC infringement notice


Sunday, 1 Dec 2013 07:10pm EST 

Diploma Group Ltd:Says that it has accepted, without admission of liability, an infringement notice issued by the ASIC for an alleged contravention of section 674(2) of the Corp Act 2001 in relation to disclosure requirements around the contract for sale of its property at 69 Adelaide Tce.Says the it has entered into a highly conditional sale of the property on Dec. 4, 2012 and announced this sale to the market when all conditions were met and cleared funds were received on July 31.Says ASIC alleges that, upon signing this contract on Dec. 4, 2012, irrespective of the uncertainty inherent in the contract due to the numerous conditions that needed to be met before settlement could occur, the company was required to announce this contract for sale at the date of signing.Says DGX does not consider that it is in the best interests of the Company or its shareholders to engage in a protracted legal dispute with ASIC.Says given that these matters occurred some time ago, a dispute with ASIC would potentially divert managements time and attention away from DGX’s business.Say the size of the penalty is relatively minor in comparison to the potential costs of defending any action brought by ASIC, DGX has elected to pay the A$33,000 penalty in respect of the infringement notice to conclude the matter. 

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28 Nov 2014