Nick Bolton’s $580k Pay Day from GPG
Why didn’t Gen Y glamour investor Nick Bolton declare his change in ownership in MMC Contrarian (MMA)? Bolton’s Australian Style Group owned 5.3% back in September and now none of any size.
Are you allowed to not file if you sold into a takeover bid? Or is this another case of Bolton flaunting the law? As it appears he did after buying into MMA at 42.6c and not declaring his ownership in a timely manner. Of course it’s possible that Nick’s simply not good at crossing all the Ts or perhaps he likes to find the boundaries.
Or maybe, just maybe, Bolton’s too busy spending his likely winnings of $579,000 from selling his MMA holding to GPG at $0.50.
CORPORATIONS ACT 2001 – SECT 671B
Information about substantial holdings must be given to company, responsible entity and relevant market operator
Requirement to give information
(1) A person must give the information referred to in subsection (3) to a listed company, or the responsible entity for a listed registered managed investment scheme, if:
(a) the person begins to have, or ceases to have, a substantial holding in the company or scheme; or
Deadline for giving information
(6) The person must give the information:
(a) within 2 business days after they become aware of the information
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