Two 'unaware' Of Pluton Change
Sydney Morning Herald
Thursday April 17, 2008
TWO directors of junior explorer Pluton Resources have said they were unaware of the altered company trading policy their fellow director, Ray Schoer, relied on to make a series of share purchases ahead of market sensitive announcements.
The chairman of Pluton Resources, the former NSW premier Neville Wran, expressed his surprise when contacted last week with details about Mr Schoer's trading in the shares, which was reported in the Herald yesterday."I have no explanation. None at all. What you are telling me comes from left field and is a complete shock," Mr Wran said.The Herald revealed Mr Schoer had bought shares six times in the seven days before a market sensitive announcement or result since Pluton listed in December 2006.He bought shares 18 times in total outside the company's published share trading policy.Mr Schoer has said the trades were all approved by the company and were in line with an altered trading policy. He said the trades were appropriate for a small company that had not made a profit and did not constitute trading with knowledge of market-sensitive information.As chief executive of the National Companies and Securities Commission, Mr Schoer spearheaded the drive to legislate against insider trading.Yesterday the company secretary, Andrew Metcalfe, was unable to provide details about when the altered policy was first used, although he said it was ratified by the board on October 31. He has said he had been contacted by Mr Schoer about his purchases and the board "was fully aware of the trade that Ray was doing".Yesterday Mr Wran said he believed the policy had changed only after last year's annual report, which was published in October and contained stringent standards for directors' trading. They included a four-week trading window after half- and full-year results and the annual meeting, and the need for approval.
© 2008 Sydney Morning Herald