Two key directors of RGM Media have again failed to adequately declare that an entity they control disposed of shares in the company.
It is the second breach after a similar error in April, prompting the Australian Securities Exchange to query why the share disposal was not disclosed within its five business days requirement or the Corporations Act's 14 calendar day requirement.
RGM Media's chief operating officer Stephen Clark told the ASX that the error, which related to transactions by RGM Media's chief executive Devesh Chetty and director Robyn Gardiner, were due to an administrative oversight. Chetty and Gardiner each hold more than 20 per cent of RGM Entertainment which, in turn, holds a substantial stake in RGM Media.
"RGM Entertainment is now taking steps to strengthen its existing procedures for ensuring changes in director's notifiable interests are notified to the company, such that the company can comply with its disclosure requirements," Clark wrote.
"The company is also once again circulating documentation to each current director reminding them of the scope of ASX listing rule 3.19A, the company trading policy and their obligations to notify the company of any change to their notifiable interest."
RGM Media was listed on the ASX on August 4, 2010 and is attempting to become a TV and film production house. It has previously said that it plans to begin production on four feature films and four TV programs this year, which will help lift its annual revenue by up to 10 per cent.
Its feature film projects in development include Point Break II, Young Guy and The Proving Ground, while its TV projects include Asian versions of The Apprentice and the People’s Choice Awards.