FMA proceedings against Mark Warminger

Comment by Marc Corlett, counsel acting for Mr Warminger

I can confirm that the FMA has seen fit to bring a civil case against Mr Warminger alleging breaches of the Securities Markets Act 1988. In short, the FMA is seeking a civil remedy for what it asserts is market manipulation in a small number of trades.

Mr Warminger denies that he manipulated any market and will defend the case. When the facts are traversed in court the public will be able to draw its own conclusions on both the FMA and this particular claim. The fact that the FMA asserts something does not of course make it so and we fully expect that fair-minded people will wait until the court process is complete before drawing any conclusions about Mr Warminger’s trading.

With regard to the categories of trading activity specified in the FMA’s news release today, it should be noted that it is a matter for interpretation, firstly whether the activity was as suggested; and secondly whether, even if that were so, (which is denied) it would constitute market manipulation.

At this point in time we do not intend to make any further comment in relation to this matter.

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