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Company responds to allegations of director’s involvement in insider trading

By Neil Griffiths
 — 1 minute read

A telco services provider has responded to allegations of insider trading by its executive director.

Uniti Group Limited has confirmed it is aware of the allegations put forward by ASIC that Vaughan Bowen was involved in the personal trading of shares in telecommunications company Vocus Group in June 2019.

In a statement released this week, Uniti’s board of directors said it will not make any changes to Mr Bowen’s position.

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“The company understands that Mr Bowen emphatically denies the allegations and will be vigorously defending the matter,” the statement read.

“The company also notes that this matter does not relate to trading in UWL shares.

“The operations of Uniti Group will not be impacted. The company’s business, and executive team, will continue as normal under the leadership of MD and CEO Michael Simmons.

“The UWL board does not intend to make any changes to Mr Bowen’s role and position of executive director (M&A) of the company, which will continue, until the outcome of this matter has been determined.”

On Tuesday, Mr Bowen was charged with two counts of insider trading in relation to the disposal of 5,617,554 shares in Vocus on 4 June 2019.

ASIC has alleged that Mr Bowen was “in possession of inside information concerning the likely withdrawal of a proposal by EQT Infrastructure IV Fund to acquire all shares in Vocus, prior to this information being announced to the market”.

A committal mention hearing will go ahead on 7 December 2021 in the Magistrates’ Court of Victoria.

 

Company responds to allegations of director’s involvement in insider trading
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