Pacific Edge Agrees Settlement with FMA on Continuous Disclosure
Cancer diagnostic company, Pacific Edge Limited (NZX: PEB), advises that the FMA has issued it with a warning with regard to what FMA considers to be two historical breaches of its continuous disclosure obligations, read the FMA letter here https://www.nzx.com/regulators/FMA/announcements/264776.
Pacific Edge Chairman, Chris Swann said: "The delay of the announcements in question was not made with an intent to breach continuous disclosure but rather to meet the specific needs of the US contractual counterparties."
The events which resulted in the FMA warning date back to October 2013 and are specific to the US market and the signing of two contractual agreements with National Provider Networks where Pacific Edge was obliged to seek formal approval from the contractual counterparties to announce to the NZX that the agreements had been signed. This approval requirement, which Pacific Edge has been advised is usual practice in the US market, led to a delay between signing of the agreements and disclosure to the NZX.
Under a settlement reached with FMA, Pacific Edge has agreed to pay compensation of $500,000 to shareholders who sold PEB shares during the period of delay between signing of the agreements and the announcement to the NZX.
Meeting continuous disclosure obligations remains a priority for Pacific Edge's Board and management and it has since undertaken an audit review of processes and policies and implemented recommendations.
Pacific Edge remains focused on generating long term shareholder value and the company continues to make good commercial progress in the US and other markets.
In the past six months, Pacific Edge has announced a number of significant milestones including the launch of a second bladder cancer diagnostic test, Cxbladder Triage and several patents issued for its cancer diagnostic technologies.
The Settlement deed can be viewed here.« Back