Rubik director John Wilson made two on-market purchases of Rubik shares on 12 and 27 December, valued at $1,927 and $7,252, respectively.
Under the Corporations Act 2001, directors of listed companies have 14 days to notify the Australian Securities Exchange (ASX) about their holdings and any changes to relevant interests.
After that, the Australian Securities and Investments Commission can take action against the company.
Rubik Financial chief financial officer and company secretary Paula Kensington alerted the ASX of the change in Mr Wilson’s interest on Monday.
Ms Kensington said the breach was identified during the process of preparing Rubik’s annual report.
“In this instance, the director has complied with the internal share trading policy by obtaining prior permission to trade with the chairman. Unfortunately, the administrative failure occurred due to non-disclosure to the company secretary once the shares had been purchased on 12 and 27 December 2012,” she said.
“Rubik takes its compliance obligations extremely seriously and has investigated the reasons behind the breach,” added Ms Kensington.
