Xero admits another big share sale blunder
For the second time this week, listed software company Xero has admitted making a share sale mistake relating to NZX disclosure rules.
Xero now says an August 13 sale of 25,000 shares by former director Philip Norman for $127,500 at $5.10, was not disclosed to the market until today.
Mr Norman resigned as a Xero director on July 26.
This follows another error earlier this week which saw questions of a possible Securities Markets Act disclosure breach around a share dump by chief operating officer Alastair Grigg.
Company secretary Linda Cox released a statement to the NZX today taking the blame for this latest mistake involving the sale of Mr Norman's shares.
"Due to a fault on my part the disclosure of Mr Norman is being filed outside the required filing period.
"Mr Norman notified his sale of shares to me within the required time period and is in no respect responsible for this oversight."
Ms Cox says Mr Norman sold his shares to repay a company loan that was advanced at his original appointment for the purpose of buying shares.
She says only became aware of the error when reviewing the disclosure notices of all Xero directors and officers after the Alastair Grigg mistake.
A copy of the statement was also sent to the Financial Markets Authority, which polices the Securities Markets Act.