Luxoil must respond
The New Zealand Stock Exchange yesterday sent a list of questions and a request for material to Luxoil, NL. This related to trading in the company’s shares since December 1 last year, said the executive director of the exchange, Mr Roger Gill. The Stock Exchange suspended the trading in Luxoil’s shares on Tuesday after receiving information suggesting the possibility of an artificial market in Luxoil shares. Mr Gill said that no approach had been made by the directors of Luxoil for a meeting with the Stock Exchange. A meeting might not take place in any case if the replies to the questions and the material received by the Stock Exchange were considered satisfactory.
Mr Gill said he was not sure how quickly the company would be able to provide the information. Some of the problems were purely physical ones, such as the comhead office being a long distance from its share registry. The exchange said in a statement on Tuesday that it had suspended the quotation of Luxoil’s shares until next Monday. The suspension would be lifted sooner than that if the exchange’s concerns had been satisfied and the market informed accordingly. Luxoil’s contributing shares were listed in late November, and have traded in a narrow range of between. 25c and 30c since then. Trading in the shares has been light and intermittent.
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Press, 13 February 1986, Page 26
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226Luxoil must respond Press, 13 February 1986, Page 26
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