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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Is this right ?

Is this right ?

Go down  Message [Page 1 of 1]

1Is this right ? Empty Is this right ? Mon Dec 09, 2013 12:48 pm

nirowat


Manager - Equity Analytics
Manager - Equity Analytics
A director of VLL buy a million shares each on the 3rd and 4th December, no disclosure made. The company announce a dividend on the 5th December and the director disclose his buy only on the 6th December.

Not that there was significant price movement but is this allowed regulatory wise?

No wonder investors who would normally invest stay away from CSE due to this lack of level playing field.

2Is this right ? Empty Re: Is this right ? Mon Dec 09, 2013 1:07 pm

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Welcome to Sri Lanka. Very Happy 

3Is this right ? Empty Re: Is this right ? Mon Dec 09, 2013 1:14 pm

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@nirowat wrote:A director of VLL buy a million shares each on the 3rd and 4th December, no disclosure made. The company announce a dividend on the 5th December and the director disclose his buy only on the 6th December.

Not that there was significant price movement but is this allowed regulatory wise?

No wonder investors who would normally invest stay away from CSE due to this lack of level playing field.
this is a so called respected inventor, anywhere else this is a clear case on insider trading but here SEC sleep.

4Is this right ? Empty Re: Is this right ? Mon Dec 09, 2013 1:21 pm

K.Haputantri

K.Haputantri
Co-Admin
@Jiggysaurus wrote:
@nirowat wrote:A director of VLL buy a million shares each on the 3rd and 4th December, no disclosure made. The company announce a dividend on the 5th December and the director disclose his buy only on the 6th December.

Not that there was significant price movement but is this allowed regulatory wise?

No wonder investors who would normally invest stay away from CSE due to this lack of level playing field.
this is a so called respected inventor, anywhere else this is a clear case on insider trading but here SEC sleep.
So long as they disclose the transaction (even belatedly)  its OK by the SEC but there is a serious loop-hole in this. A regulation, prventing those who have access to insider info buying or selling shares where price sensitive occurances happen, is necessary.

5Is this right ? Empty Re: Is this right ? Mon Dec 09, 2013 1:53 pm

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Not ethical at all. But who follow up these kind of matters???

6Is this right ? Empty Re: Is this right ? Mon Dec 09, 2013 2:33 pm

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Dr. T is the main shareholder in VLL having 123 M shares (25.76% stake). Do you guys think he bought 2M shares for a 0.075 dividend per share? That is spending 7.2 M to gain 150K rupees.

7Is this right ? Empty Re: Is this right ? Mon Dec 09, 2013 3:39 pm

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@seek wrote:Dr. T is the main shareholder in VLL having 123 M shares (25.76% stake). Do you guys think he bought 2M shares for a 0.075 dividend per share? That is spending 7.2 M to gain 150K rupees.
Whether he brought for a dividend or not is not the issue. The point is that SEC should not allow company directors to trade shares days before an important company disclosure (especially price sensitive ones like dividends). If so called respected doctors are cutting corners imagine what the Rishan types will do.

8Is this right ? Empty Re: Is this right ? Mon Dec 09, 2013 7:05 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
At least this is ok when directors announce their purchases weeks later Wink

In the past, when they want to pump, they disclose within hours of purchase and the selling news come after a day or two Wink LOL

9Is this right ? Empty Re: Is this right ? Mon Dec 09, 2013 7:27 pm

sriranga

sriranga
Co-Admin
8.6 TRADING BY CONNECTED PARTIES

Connected persons should not trade on the basis of price sensitive information
that has not been disclosed to the public. Moreover, connected persons shall
not trade in the Securities of the Listed Entity even after release of the
information to the Exchange for a period, which should not be less than two
(02) Market Days after the release of the information to permit thorough public
dissemination and evaluation thereof. In computing this period of two (02)
Market Days, the day on which disclosure is made will be excluded.  

For the purposes of this Rule, an individual is connected with an Entity if, and
only if:-

a. he is a director of that Entity or a related Entity or his spouse and
children under 18 years of age;

or

b. he occupies a position as an officer (other than director) or employee
of that Entity or a related Entity or a position involving a professional
business relationship between himself (or his employer or an Entity of
which he is a director) and the first Entity or a related Entity which in
either case may reasonably be expected to give him access to
information which, in relation to Listed Securities of either Entity, is
unpublished price sensitive information and which it would be
reasonable to expect (a person in his position not to disclose except)
for the proper performance of his function.

APPENDIX 8A SOME EVENTS REQUIRING IMMEDIATE DISCLOSURE

The following events, while not comprising a complete list of all the situations which
may require disclosure, are likely to require immediate disclosure (subject to
materiality):

1. non payment of interest on the ‘due date’ on account of Debt Securities.

2. non payment of capital on the redemption date on account of Debt Securities.

3. joint ventures, mergers, acquisitions or take-overs.

4. a decision to declare dividends.

5. any decision to change the stated capital of the Listed Entity including
reduction of stated capital, Rights Issues, issue of shares credited as fully paid
up by way of capitalization of reserves, redemptions, repurchases, minority
buy-outs by the Entity and issue of shares of a class which is not already
listed (irrespective of whether the company proposes or does not propose to
obtain a listing for such shares issued).

6. change in the Directors, Company Secretary, Registrars or Auditors of the
Entity.

7. full details of any trade which amounts to 10% or more of the voting rights of
the Entity.

8. a change in control of the Entity.

9. change of address of the registered office of the Entity or of any offices at
which the register of the Securities of the Entity is kept.

10. a call of Securities for redemption.

11. an event of default on interest and/or principal payments in respect of loans
not paid within thirty (30) days.

12. appointment, resignation, suspension or removal of the Chief Executive Officer

13. occurrence of any event which would result in the winding up of the Entity or
any of its subsidiaries or the appointment of a receiver or liquidator of the Entity
or any of its subsidiaries.

14. details of guarantees and sureties granted if the total exceeds 20% of the
Listed Entity’s net worth as per the Balance Sheet Value. Entities shall only
report those guarantees and sureties granted beyond the regular course of
business.

15. alteration or amendment of the rights and privileges of any unlisted Securities
issued by the Entity.

16. a tender offer for another Entity’s Securities.

17. any changes in the corporate purpose and any material alterations in the
Entity’s activities or the initiation of new activities.

18. any major transaction as defined in Section 185 of the Companies Act.

19. any decision to summon a meeting of the Board by a Director in the event of
insolvency in terms of Section 219 of Companies Act.

20. any decision to summon an Extraordinary General Meeting by directors in the
event of serious loss of capital in terms of Section 220 of the Companies Act.

21. the acquisition or loss of a contract.

22. a change in capital investment plans.

23. a labour dispute or dispute with sub-contractors or suppliers that will have a
material impact on the Entity

24. any investment that will have a material impact on the Entity

25. judicial or quasi judicial actions of any nature initiated by or against the Entity
which are of material importance

26. any Licensing or Franchising Agreement or its cancellation which may
materially affect the Entity’s operations.

27. any occurrence of an event of default under the terms and conditions of any
issue of debentures, promissory notes, bonds or any other Security issued by
the Entity.

28. any acquisition of voting rights which results in the Entity becoming the
holding Entity.

29. Related Party transactions exceeding 10% of the Equity or 5% of the total
assets of the Entity as per the latest Audited Financial Statements,
whichever is lower.

Details of investments in a Related Party and/or amounts due from a
Related Party to be set out separately.

The details shall include, as a minimum:

i. The date of the transaction;
ii. The name of the relevant Related Party;
iii. The relationship between the Entity and the Related Party;
iv. The amount of the transaction and terms of the transaction;
v. The rationale for entering into the transaction.

For the purpose of item 29 of Appendix 8A:

‘Equity’ shall mean net assets of the Listed Entity excluding Preference
Shares issued by the Entity;

‘Related Party’ shall have the same meaning as defined in Sri Lanka
Accounting Standard 30 (Revised 2005) - Related Party Disclosures.

http://www.cse.lk/pdf/Section8_CorporateDisclosure.pdf

http://sharemarket-srilanka.blogspot.co.uk/

10Is this right ? Empty Re: Is this right ? Mon Dec 09, 2013 8:08 pm

nirowat


Manager - Equity Analytics
Manager - Equity Analytics
Talk about spitting on your face, todays disclosure on VLL inform us of buying and selling by directors done nearly two months ago !

As Kithsiri say welcome to Sri Lanka, but the problem is the visit is very short.

11Is this right ? Empty Re: Is this right ? Tue Dec 10, 2013 8:50 am

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@nirowat wrote:Talk about spitting on your face, todays disclosure on VLL inform us of buying and selling by directors done nearly two months ago !

As Kithsiri say welcome to Sri Lanka, but the problem is the visit is very short.

Can you please provide the link for the selling note? There is only buying. They are continuously buying from the market. They have even bought three days before the previous dividend announcement of 5 cents. So this is not an unusual thing from VLL point of view.

But I agree with the point that you people are trying to raise.

12Is this right ? Empty Re: Is this right ? Tue Dec 10, 2013 10:47 am

nirowat


Manager - Equity Analytics
Manager - Equity Analytics
http://www.cse.lk/cmt/upload_cse_announcements/5791386588137_.pdf

See the third letter, Mr Sangani bought at 3.6 and sold at 3.9.

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