CDI statement on NZMDT determination
Level 7, 23 Customs Street East, Auckland
P. O. Box 3248, Auckland 1140, New Zealand
Ph (09) 353 5077 Email: admin@cdli.co,nz
S T O C K E X C H A N G E A N N O U N C E M E N T
Date 16 November 2023
Subject CDL INVESTMENTS NEW ZEALAND LIMITED STATEMENT
ON NZMDT DETERMINATION
CDL Investments New Zealand Limited (CDI) acknowledges the determination and public
announcement released by the NZ Markets Disciplinary Tribunal (the “Tribunal”) today, regarding
breaches relating to disclosure of certain governance matters and the historical composition of its Audit
Committee between 2018 and 2020.
CDI accepts responsibility for the breaches and fully complied with NZ RegCo’s investigation.
CDI has been ordered to pay a financial penalty of $50,000 in respect of these breaches, and to meet
the NZ RegCo’s and the Tribunal’s costs in connection with the matter.
In its determination, the Tribunal acknowledged that CDI was well-intentioned when including only
Independent Directors on its Audit Committee, thereby reducing it to two members rather than three as
required under Rule 2.13.2(b). CDI notes that this breach was historical in nature (occurring over three
years ago) and had been identified and self-corrected by the company in 2020.
CDI is disappointed by the amount of the penalty, particularly given the historical nature of the Rule
2.13.2(b) breach. CDI notes that the Tribunal found that NZRegCo had not presented evidence that
the breaches have caused actual loss.
CDI is committed to ensure that no such breaches occur in the future and will be taking appropriate
steps in this regard including obtaining external assistance where necessary.
-ENDS-
Issued by CDL Investments New Zealand Limited
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- 2CC — 2 Cheap Cars Group Limited: 2 Cheap Cars responds to NZMDT determination2023-10-03
“04 October 2023 Market Announcement NZX:2CC 2 Cheap Cars responds to NZMDT determinaƟon In response to a determination issued today by the NZ Markets Disciplinary Tribunal, 2 Cheap Cars Group Limited (the Company) (NZX:2CC), acknowledged that it had breached NZX Lis…”
- 2CC — 2 Cheap Cars Group Limited: Public Censure of 2 Cheap Cars Group Limited2023-10-03
“4 October 2023 PUBLIC CENSURE OF 2 CHEAP CARS GROUP LIMITED BY THE NZ MARKETS DISCIPLINARY TRIBUNAL FOR BREACHES OF NZX LISTING RULES (RULES) 2.1.1(c) AND 2.13.2(c) In a determination of the NZ Markets Disciplinary Tribunal (the Tribunal) dated 6 September 2023, the Tribunal…”
- MCK — Millennium & Copthorne Hotels New Zealand Limited: Public Censure of Millennium & Copthorne Hotels New Zealand2023-11-15
“16 November 2023 PUBLIC CENSURE OF MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED BY THE NZ MARKETS DISCIPLINARY TRIBUNAL FOR BREACHES OF NZX LISTING RULE 2.13.2(b) AND RULES 3.8.1(b) AND (d) In a determination of the NZ Markets Disciplinary Tribunal (the Tribunal) dated…”