17 September 2007
News release
The Securities Commission has completed its review of continuous disclosure in relation to ICP Biotechnology Limited's projected revenue and EBITDA forecasts for the June 2007 financial year and allegations of insider trading against Dr Earl Stevens, former CEO and Managing Director.
The Commission received an anonymous complaint about ICP Biotechnology Limited alleging that ICP Biotechnology Limited had breached securities legislation by misleading investors and also that shares of ICP Biotechnology Limited may have been subject to insider trading, particularly by Dr Stevens.
The Commission reviewed:
The Commission corresponded with ICP Biotechnology Limited and Dr Stevens, and reviewed ICP Biotechnology Limited's Board minutes and papers and other relevant materials for the period 1 March 2006 to 1 July 2007 (inclusive) in regard to continuous disclosure of the revised revenue and EBITDA projections for the June 2007 financial year.
In relation to the allegations of insider trading by Dr Stevens, the Commission corresponded with Dr Stevens and with the counterparty to the trade, and reviewed ICP Biotechnology Limited's Board minutes and papers which included prior approval of Dr Stevens' share sale.
The Commission found no evidence of continuous disclosure violations by ICP Biotechnology Limited.
The Commission found no evidence of insider trading by Dr Stevens.
No further action will be taken against ICP Biotechnology Limited in relation to continuous disclosure of the revised revenue and EBITDA projections for the June 2007 financial year, or against Dr Stevens in relation to insider trading.
Ends
Contact: Poly Banerjee 04 471 7666
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