Regulatory Alerts2014-08-11
Directive on cancellation of trades by Adam Investments PLC of PC Pharma PLC
The Securities and Exchange Commission of Sri Lanka issued a directive to cancel a 31% divestiture of PC Pharma PLC shares by Adam Investments PLC that occurred on 7 August 2014. The regulator determined that the trade violated regulations because it took place while a mandatory offer for the outstanding shares was pending. The Colombo Stock Exchange is ordered to immediately nullify the transaction and take all necessary steps to restore the status quo ante to protect investors.
Share