Magnet trading to be decided in court

Press, 21 April 1984, Page 21

Magnet trading to be decided in court

NZPA-AAP Melbourne Australia’s National Companies and Securities Commission will attempt in the Supreme Court of New South Wales to nullify certain share transactions involving the Magnet group of companies. The NCSC said a number of clients of Sydney stockbrokers had declined to reverse transactions involving shares in Monarch Petroleum, Stirling Petroleum, Leonard Oil, Magnet Metals, and Gem Explorations and Minerals entered

into on March 14. The NCSC did not name the stockbrokers or their clients. It was granted an interim order on March 21 in the Victorian Supreme Court preventing the Magnet Group from registering any shares following the issue of a forged letter on March 14. Shares in the Perth-based Magnet Metals were relisted on March 30 with a procedure in place preventing registration of all transactions which occurred on March 14. Magnet Metals’ company

secretary, Mr Alan Tribe said last'month that any offmarket transactions would not be processed unless accompanied by a statutory declaration from the seller stating that the transaction took place prior to 1101 AEST on March 14. All member firms involved in on-market transactions were required to furnish statutory declarations that they did not effect any Magnet transactions after 1101 AEST on March 14 or had cancelled and not sent for registration any transactions occurring after that time and date.