Xero slow to report share sale

Last updated 16:41 30/08/2012

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Xero has belatedly reported that former director Philip Morman sold 25,000 shares in the company on August 13.

Company secretary Linda Cox said the trade, at $5.10 per share, should have been reported earlier but was not disclosed because of an oversight.

Xero was already under the gun over seemingly slack reporting after it announced on August 21 that chief operating officer Alastair Grigg had sold 124,5000 shares  - about 8 per cent of his shareholding - at a price of $5.10 each, 10 days earlier.

That would also have been outside the allowed reporting period of five working days, but Xero later clarified the trades took place on August 16.

The NZX wrote to Xero on August 27 to check it was complying with its continuous disclosure obligations, noting its share price had dropped 16.9 per cent since its annual general meeting on July 26. Chief financial officer Ross Jenkins responded that it was.

Xero shares are currently trading up 9c at $4.45.

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- BusinessDay.co.nz

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