Broadcaster ARN Media has admitted to the ASX that it made an error when dealing with the announcement of Kyle & Jackie O’s new 10-year deal
The stock exchange pinged the company about an article appearing in the Australian Financial Review online at 6:09am, November 22: “Kyle & Jackie O’s new 10-year deal nets them millions in shares”
ARN says it became aware that the AFR was intending to publish a story regarding the extension of contracts.
A draft of an ASX announcement was then sent to reporter Sam Buckingham-Jones at the Australian Financial Review to "ensure accurate reporting".
ARN, replying to the ASX please explain, says this meant, in the urgency of the situation, that rules for continuous disclosure were not followed.
Listing Rule 3.1: “Once an entity is or becomes aware of any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity’s securities, the entity must immediately tell ASX that information.”
"We have discussed and reflected on this breach internally with team members involved in the planning and execution of the Extension Announcement and the publicising of it," says ARN.
"We are confident that this error, which we consider to be a one-off, will not be repeated."
ARN says the announcement was lodged with ASX at 6:57am.
"At no time was the market trading on an uninformed basis," the company says.
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