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16 December 2009
News release
No breach of securities law found in Allied Farmers share trading
The Securities Commission has reviewed recent trading of shares in Allied Farmers Limited ("ALF") and decided that no further action is required.
On 11 December 2009 the Commission received a referral from NZX concerning "abnormally high" trading volumes (353,333 shares) for ALF shares on 10 December. The share price fell from 28 cents to close at 20 cents, with a total value traded of $78,695.
A further 1,034,084 shares were traded on 11 December. The shares traded between 19 and 20 cents per share with a total value traded of $206,761.
Analysis of trading shows that the large volumes were caused by one investor selling a significant holding in ALF shares.
The Commission reviewed information provided by the selling broker via NZX and conducted its own inquiries. It found no evidence of market manipulation or insider trading on either day.
The Commission has no further comment on this matter.
Ends
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