SEC steps up directives on Adam Investments
View(s):The Securities and Exchange Commission (SEC) on Thursday issued three directives to Adam Investments Plc (AINV) subsequent to recent incidents which included the original sale of its stake in PC Pharma and subsequent reversal and its mandatory offers including on PCH Holdings.
At their meeting held earlier this week, SEC Commissioners had deliberated on the consequential losses that may occur out of the cancellation of trades of PC Pharma on August 7 effected by SEC directive on Tuesday as AINV had acted in violation of the SEC Takeovers and Mergers Code.
The regulator cancelled the sale of PC Pharma PLC shares by Adam Investments that occurred on August 7, earlier in the week.
The SEC said that it decided to direct AINV to compensate investors if any who have suffered consequential losses as a result of the cancelled trades falling within the period (2:12 p.m. and 2:30 p.m.). SEC said AINV will have to settle any qualified claims within one calendar month.
In reply to the application made by AINV to withdraw from the mandatory offer made in respect of PCH Holdings, the regulator said it will allow a temporary suspension of the mandatory offer until the final determination of the Case No HC/Civil/23/2014/CO.
Pending the final determination of Court in respect of the ownership of Beico Link Carbons Ltd., in Case No HC/Civil/23/2014/CO, AINV was directed by SEC to revert to the Commission for a decision in respect of the mandatory offer made to PCHH upon final determination of the Commercial High Court. They were ordered to refrain from trading on the shares of PCHH till the final determination of the Commission in respect of the mandatory offer.