ASIC Proceedings Update

Key points

• McPherson's Limited found to have contravened ASX Listing Rule 3.1
• Failure to disclose revised purchasing forecast and sales results
• Court orders declaration and sets date for penalty hearing
• Potential financial penalties pending appeal

Full summary

McPherson's Limited, a supplier of essential health and beauty products, has been found in violation of certain ASX Listing Rules and the Corporations Act by the Federal Court of Australia. The company failed to notify the ASX of ABM Au Limited's revised purchasing forecast and sales results for the 11/11 event in China. This omission led to misleading information in a subsequent trading update. The court has declared these contraventions and set a hearing date for potential penalties on April 6, 2027. Mr. McAllister, a director, is also implicated for failing to prevent these contraventions.

Guidance

None

Outlook

None