ANZ breached disclosure rules in $2.5b share sale

ANZ breached its continuous disclosure obligations in 2015 when it failed to notify investors that its underwriters had stepped in to buy $791 million of its shares in a capital raising that fell short of expectations, the Federal Court has found.

Court documents filed by the regulator stated when the placement was announced on the morning of August 6, 2015, that it was clear the offer had not attracted the interest expected. The next day, ANZ announced to the ASX that the capital raising was completed but made no mention of the stock taken up by underwriters.

ANZ disputed this proposition, saying the materiality of the information needed to consider a “broader suite of information”.

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