Thursday 21 September 2006 – LAWFUEL – Law News Network – The former…

Thursday 21 September 2006 – LAWFUEL – Law News Network – The former Managing Director of Harts Australasia Limited, Mr Richard Melvyn Hayter, has been committed to stand trial on one count of being knowingly concerned in the company’s failure to keep the market informed of an unexpected loss of $9.7 million in 2001. Mr Hayter was committed in the Brisbane Magistrates Court.

In May 2000, Harts Australasia listed on the Australian Stock Exchange (ASX) after raising $30 million from a prospectus lodged with ASIC. At the time, this prospectus forecast a net profit after tax of $12.381 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 alleges that Mr Hayter, of St Lucia in Queensland, failed to comply with his continuous disclosure obligations in accordance with the Corporations Act and the ASX listing rules. Mr Hayter pleaded not guilty to the charge on 2 June 2006.

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. Mr Hayter’s bail was continued. The matter is being prosecuted by the Commonwealth Director of Public Prosecutions. For further information contact: Danielle Huck ASIC Media Unit Telephone: 03 9280 3407 Mobile: 0417 540 769

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