NATION

Suspension Lifted for Fiji Television Limited Shares

The trading suspension in Fiji Television Limited (FTV) shares has been lifted with immediate effect following the completion of investigations by South Pacific Stock Exchange regarding the 49 per cent
04 Feb 2017 11:00
Suspension Lifted for Fiji Television Limited Shares
Latileta Qoro

The trading suspension in Fiji Television Limited (FTV) shares has been lifted with immediate effect following the completion of investigations by South Pacific Stock Exchange regarding the 49 per cent increase in FTV share price.

The trading in FTV shares was suspended on January 24, 2017 following the release of a market announcement by FTV to inform shareholders that the current trading activity in FTV shares is not attributable to any information regarding the operational and financial affairs of FTV that has not already been released to the market.

Consequently, in order to avoid any speculative trading in FTV shares, SPSE placed a trading suspension in FTV shares until the Exchange fully completed its market surveillance process.

SPSE chief executive officer, Latileta Qoro said:

“The Exchange’s market surveillance process is two-fold; justification from the trading parties of their intended trade price and an internal assessment by SPSE of the intended trade price relative to financial and other information released to the market by FTV and future outlook related information disclosed by FTV at their last annual general meeting.

“Both of these exercises have concluded and the Exchange has issued its decision to cancel the trade in FTV shares of 3,500 shares at $2.25 that triggered the market surveillance process.

“Therefore, investors are to note that the FTV share price has reverted to $1.51, being the prevailing last trade price of FTV shares prior to the trade of $2.25 per share that was the subject of market surveillance.

“Whilst the Exchange acknowledges the free-market agenda, as frontline regulator of the stock market it is SPSE’s responsibility to ensure that market integrity is maintained at all times and this includes appropriate assessment that transactions occurring therein make commercial sense and are free from artificial price movements.

With that said, as a developing Exchange, we are exploring mechanisms through which we can accommodate willing buyer-willing seller trades without unduly affecting the market and we look forward to establishing that soon following consultation with licensed stockbrokers,” she said.

Trading in FTV shares will resume with immediate effect.

Source: South Pacific Stock Exchange

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