Intueri prospectus could have been clearer: FMA

FMA reviews Intueri prospectus, says could have been clearer

By Edwin Mitson

Dec. 15 (BusinessDesk) - The regulator of New Zealand's financial markets says elements of the 2014 prospectus issued by private training provider, Intueri Education Group, could have been more clearly and effectively described.

In a statement, Intueri say the Financial Markets Authority had recommended the company give further consideration to how student enrolment data is disclosed in future communications. No further action is to be taken by the regulator.

Chairman Chris Kelly said his board "is committed to being transparent and open in all communications, providing shareholders with useful and relevant information and ensuring the company meets its regulatory obligations.”

Intueri listed on the New Zealand Stock Exchange in May 2014 after selling in an initial public offering at $2.35 a share. Demand from retail investors was low however, with the NZX issuing a waiver allowing it to list with just 330 retail shareholders, rather than the minimum 500 normally required.

The value of its shares has fallen sharply since then, and they're currently valued at 53 cents. The Australian newspaper last week reported that private equity firms were eyeing a potential takeover, although the company says it has received no approaches and had no discussions with potential suitors.

(BusinessDesk)

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