ASX raps Martyn Myer on disclosure

THE ASX has accused an investment company led by ANZ chairman Charles Goode, and whose directors include two members of Melbourne's powerful Myer clan, of a potential breach of listing rules. Martyn Myer, Its board includes Mr Goode, Mr Myer, Rupert Myer and Graeme Moir.

THE ASX has accused an investment company led by ANZ chairman Charles Goode, and whose directors include two members of Melbourne's powerful Myer clan, of a potential breach of listing rules.

Martyn Myer, a director of Melbourne-based Diversified United Investment, earned the rebuke after lodging a change in his shareholding four months after his custodian and a personal superannuation fund bought shares.

There is no suggestion of illegal behaviour on the part of DUI or Mr Myer.

DUI is a conservative investor with a portfolio of blue-chip stocks worth about $440 million. But what it lacks in size it more than makes up for in business connections. Its board includes Mr Goode, Mr Myer, Rupert Myer and Graeme Moir.

In a letter to DUI, the ASX reminded it of obligations related to director trades.

"Consequently, the company may be in breach of listing rules 3.19A and/or 3.19B," the ASX wrote. "It also appears the directors concerned may have breached section 205G of the Corporations Act."

Martyn Myer, a former director of Coles Group and a member of the Myer retail family dynasty, bought 1445 shares in DUI on April 4 via DUI's share purchase plan. Between April 17 and May 3 a private company, The Whereabouts Superannuation Fund, picked up 80,000 shares. The total value of the shares is about $310,000.

The ASX was not told of the change until July 17 and July 22.

DUI is not the first company to receive a disclosure reminder. A recent review uncovered a string of transgressions, resulting in 70 trades being referred to the corporate watchdog.

DUI company secretary Sandy Hancock said a custodian held several holdings in DUI, and Mr Myer's stakes were not readily identifiable.

"Due to an oversight by Mr Myer and his custodian, the company was not advised within the required period of the purchases notified in the two Appendix 3Y forms lodged recently."

Mr Hancock said DUI had now advised Mr Myer to "put in place appropriate arrangements" to ensure changes were communicated within the required time.


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