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.
SEC SECURITIES AND EXCHANGE COMMISSION OF SRI LANKA ශ්රී ලංකා සුරැකුම්පත් සහ විනිමය කොමිෂන් සභාව இலங்கை பிணையங்கள் மற்றும் பரிவர்த்தனை ஆணைக்குழு
By Hand
11th August 2014
Ref: SEC/LEG/14/08/11
To: The Colombo Stock Exchange
Directive issued under Section 13 (c) in terms of 13 (h) of the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 (as amended)
The Securities and Exchange Commission of Sri Lanka (SEC) having considered the circumstances surrounding the divestiture of the entire stake of 31% of PC Pharma PLC by Adam Investments PLC on 7th August 2014, whilst a mandatory offer was pending by Adam Investments PLC for the purchase of the shares outstanding of PC Pharma PLC; decided to cancel the said trade for the protection of investors.
Therefore the Commission hereby directs the Colombo Stock Exchange;
To cancel the sale by Adam Investments PLC of the said shares of PC Pharma PLC that took place on 7th August 2014 with immediate effect and to take all ancillary and incidental steps to preserve the status quo ante.
[Signature]
Dhammika Perera
Officer-in-Charge/ Deputy Director General AA/SW
28 සහ 29 මහල, ලෝක වෙළඳ මධ්යස්ථානය 28 மற்றும் 29 ஆம் மாடி, உலக வர்த்தக மையம் Level 28 & 29, East Tower එචලන් චතුරශ්රය, කොළඹ 01. கிழக்கு கோபுரம், எச்சல்ன் சதுக்கம் World Trade Center இலங்கை கொழும்பு 01. Echelon Square, Colombo 01, Sri Lanka.
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