Generation Development Group Says Director Traded Shares During Closed Period in Administrative Error

MT Newswires Live

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Generation Development Group (ASX:GDG) said independent non-executive director Christine Christian dealt in the company's securities during a closed period under its share trading policy and without the required prior written clearance, with the transaction occurring before the opening of the relevant trading window, according to a Tuesday Australian bourse filing.

The company said Christian had been given approval to trade once the relevant trading window opened, but the purchase took place before that window opened, with the company describing the breach as inadvertent and resulting from an administrative error rather than any intention to circumvent the policy.

Christian acquired 25,000 shares at AU$3.34 per share on Aug. 27 through a family superannuation fund, bringing her total holding to 672,425 shares, a separate filing showed.

The company said it has reviewed the circumstances and taken steps to address the matter, including reminding Christian and relevant personnel of the requirements of the share trading policy, and confirmed it does not consider the transaction was undertaken with the intention of circumventing the policy.

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