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23 November 1999
News Release
TRADING IN STRATHMORE GROUP LIMITED
The Commission has completed its review of trading in the listed securities of Strathmore Group Limited in the period ahead of the announcement by Advantage Group Limited that it had acquired a cornerstone shareholding in Strathmore Group.
Advantage Group made this announcement on 3 September 1999. The share price of Strathmore Group had risen sharply in late August before the announcement. The matter was referred to the Commission by the New Zealand Stock Exchange.
The Commission has undertaken the review to determine whether any insiders of the two companies may have traded for their own separate account on the basis of inside information about the pending acquisition.
In the course of our enquiries we have obtained information from a number of sharebrokers about the identity of their clients who traded in the relevant period.
We have not found evidence of insider trading in the listed securities of Strathmore Group. In light of this we do not propose to take the matter further.
Norman F Miller
Senior Executive (Operations)
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