By NZPA
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Thursday 8th August 2002 |
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The panel said it has received complaints that the rail operator "failed to provide the market on a timely basis with relevant information known to its directors and former major shareholders".
The complaints have been referred to the Securities Commission to see whether the company complied with the Stock Exchange's listing rules.
No further details were revealed.
Tranz Rail last month took the unusual step of making a special briefing to the market about the state of its b ooks in an effort to stabilise its shrinking share price, which had fallen to all-time lows.
The company said it would record writedowns amounting to about $170 million in the current year. Tranz Rail also said it expected to post a $26 million net profit this year and an operating profit of $55.8 million next year.
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