Austal tells ASX ‘administrative oversight’ delayed new director interests notice
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The news: Shipbuilder Austal has told the ASX that it was more than a month late in lodging an initial director’s interests notice for Richard Gibb because of an “administrative oversight".
The context: Austal announced in May that Gibb would be appointed as a non-executive director effective 2 June.
However, the initial director’s interest notice detailing his shareholdings in Austal was not lodged until 18 July. As of 3 June, Gibb did not have an interest in Austal securities, shares or other financial products.
In response to an ASX query on the delay in notification, Austal said it considers its “procedural arrangements are adequate; on this occasion a single step in the onboarding process was not completed due to an administrative oversight".
The response said that Austal company secretary Adrian Strang has reviewed and updated the process for onboarding new directors to prevent another oversight and ensure the company is not in breach of ASX listing rules or the corporations act.
