Launceston timber company Gunns has come under scrutiny from the Australian Securities Exchange over the late lodgement of director Robin Gray's share purchase details.
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Mr Gray indirectly bought 100,000 shares at $55,000 in an on-market trade on February 26 but the company did not notify the ASX until March 11, six days later than the listing
rules allow.
In a response to an ASX query, posted on the ASX website this morning, Gunns secretary Wayne Chapman said the statement was lodged immediately on notification to the company of the change in shareholding.
"The lodgement was late as a result of an oversight by the director resulting in late notification of the trade to the company,'' Mr Chapman said.
Mr Chapman said the company required directors to notify it of share transactions in sufficient time to enable the company to meet its disclosure obligations to the ASX.
"The company has established arrangements for direct notification by the share registry of changes to existing holdings of directors on settlement of transactions,'' Mr Chapman said.
"In addition to this, all relevant parties within the company will be provided with further notice of disclosure and reporting obligations in respect of share transactions.''
Mr Gray holds 488,901 shares in Gunns.
The company's stock price is trading down almost 1 per cent in early morning trade to 50 cents.
The Gray transaction query was the second time in just over a month that Mr Chapman has been asked questions by the ASX.
In late February, the company was questioned over when it became aware that its half-year profit drop would be more than 98 per cent.
