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Review of ICP Biotechnology Limited
News release
17 September 2007
Review of ICP Biotechnology Limited
The Securities Commission has completed its review of continuous disclosure in relation to ICP Biotechnology Limited’s projected revenue and EBITDA forecasts for the June 2007 financial year and allegations of insider trading against Dr Earl Stevens, former CEO and Managing Director.
The Commission received an anonymous complaint about ICP Biotechnology Limited alleging that ICP Biotechnology Limited had breached securities legislation by misleading investors and also that shares of ICP Biotechnology Limited may have been subject to insider trading, particularly by Dr Stevens.
The Commission
reviewed:
- continuous disclosure relating to ICP
Biotechnology Limited’s revised projected revenue and
EBITDA forecast for the June 2007 financial year, announced
to the market on 4 May 2007; and
- allegations of insider
trading by Dr Stevens concerning the sale of 1,000,000 ICP
Biotechnology Limited shares on 18 April 2007 by his family
trust.
The Commission corresponded with ICP Biotechnology Limited and Dr Stevens, and reviewed ICP Biotechnology Limited’s Board minutes and papers and other relevant materials for the period 1 March 2006 to 1 July 2007 (inclusive) in regard to continuous disclosure of the revised revenue and EBITDA projections for the June 2007 financial year.
In relation to the allegations of insider trading by Dr Stevens, the Commission corresponded with Dr Stevens and with the counterparty to the trade, and reviewed ICP Biotechnology Limited’s Board minutes and papers which included prior approval of Dr Stevens’ share sale.
The Commission found no evidence of continuous disclosure violations by ICP Biotechnology Limited.
The Commission found no evidence of insider trading by Dr Stevens.
No further action will be taken against ICP Biotechnology Limited in relation to continuous disclosure of the revised revenue and EBITDA projections for the June 2007 financial year, or against Dr Stevens in relation to insider trading.
ENDS
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