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NZX reports Cunliffe to Securities Commission

NZX has referred statements reported to have been made by the Communications Minister David Cunliffe on Telecom dividend policy to the Securities Commission for investigation. His comments were reported yesterday by the business news agency Bloomberg. Soon afterwards Telecom issued a statement saying it had not provided Cunliffe with prior information on capital management and future dividend policy.Complaints to the NZX from the market, its own determination of the materiality of Cunliffe?s statements and the responsibility of co-regulating capital markets, are cited as the reasons for the NZX decision. The NZX is responsible for ensuring all investors have equal access to information about their shares. ?The NZX has determined that the comments attributed to the Minister of Communications are material, are price sensitive, but were not released to the whole market,? says an NZX press statement. Cunliffe today issued a press statement saying Bloomberg had taken some of his comments out of context and that he had no information about Telecom?s future dividend policy when he gave the interview. ?As Telecom has said, it has not given me any indications of future dividend policy,? says Cunliffe.


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