In a judgment delivered on 13 October 2023, the Court found ANZ should have notified the Australian Securities Exchange of the joint lead managers’ take-up of shares in the placement.
A civil penalty of $900,000 was imposed on ANZ for a continuous disclosure contravention that the Court found occurred on 7 August 2015.
ANZ Chief Risk Officer Kevin Corbally said: “Given the importance of continuous disclosure laws, there is benefit for financial market participants in obtaining guidance from the Full Federal Court.”
ANZ does not intend to provide any further comment at this time.
Approved for distribution by ANZ’s Continuous Disclosure Committee