The New Zealand Stock Exchange has questioned a stock price rise of 24% of Vista shares, requesting the cinema software provider to explain the gain.
During the period 3-15 September 2014, the price of Vista shares increased from a market close price of $2.58 to $3.20, representing a total increase of $0.62, or 24.03%.
As a result, NZX requested the company advise NZX whether Vista Group International Limited continues to comply with Listing Rule 10.1.1, concerning ‘Continuous Disclosure of Material Information.’
According to the rule, ‘without limiting any other Rule, every Issuer shall:
(a) once it becomes aware of any Material Information concerning it, immediately release that Material Information to NZX, provided that this Rule shall not apply when:
(i) a reasonable person would not expect the information to be disclosed; and
(ii) the information is confidential and its confidentiality is maintained; and
(iii) one or more of the following applies:
(A) the release of information would be a breach of law; or
(B) the information concerns an incomplete proposal or negotiation; or
(C) the information comprises matters of supposition or is insufficiently definite to warrant disclosure; or
(D) the information is generated for the internal management purposes of the Issuer; or
(E) the information is a trade secret.
In this Rule 10.1.1, an Issuer is aware of information if a Director or an executive officer of the Issuer (and in the case of a Managed Fund, a Director or executive officer of the Manager) has come into possession of the information in the course of the performance of his or her duties as a Director or executive officer.
In response to the request, Vista director Brian Cadzow confirmed that Vista “continues to comply with its continuous disclosure obligations under the NZX Listing Rules, including Listing Rule 10.1.1.”
“We also note that Vista continues to comply with its continuous disclosure obligations pursuant to the ASX Listing.”