Monday 30 April 2007 LAWFUEL – The Law Newswire – The former Deputy Executive Chairman of Harts Australasia Limited, Mr Steven Irvine Hart of Sunnybank in Queensland, was today committed to stand trial in the Brisbane Magistrates Court on one charge of being knowingly concerned in the company’s failure to keep the market informed of a loss of $9.7 million in 2001. The charge arises out of an Australian Securities and Investments Commission (ASIC) investigation. ASIC alleges that Mr Hart failed to comply with his continuous disclosure obligations in accordance with the Corporations Act and the Australian Stock Exchange (ASX) listing rules.
In May 2000, Harts Australasia listed on the ASX after raising $30 million from a prospectus that forecast a net profit after tax of $12.3 million for the year ending 30 June 2001. On 25 January 2001, Harts Australasia released a revised financial outlook to the ASX anticipating a half yearly loss of $9.7 million to 31 December 2001. ASIC commenced an investigation following a referral by the ASX. The trial will be heard in the Brisbane District Court on a date to be fixed. The Commonwealth Director of Public Prosecutions is prosecuting the matter. For further information contact: Allen Turton Deputy Executive Director, Enforcement Telephone: 02 9911 2338 Mobile: 0411 549 236 Michael van Maanen ASIC Media Unit Telephone: 02 9911 2658 Mobile: 0412 500 351