Maersk did not breach exchange rules -bourse
The Copenhagen stock exchange said on Wednesday it found no basis for concluding that A.P. Moller-Maersk had passed price-sensitive information to an SEB Enskilda analyst last month, Reuters reports.The bourse said in a statement it had therefore found no reason to conclude that the Danish oil and shipping group had breached the rules of the exchange.
Danish media reported last month that A.P. Moller-Maersk's head of investor relations, Henrik Lund, had met an SEB analyst on April 11 and given him information from a draft of the first-quarter report.
Maersk denied it leaked early details of the report and SEB Enskilda denied receiving such information, which companies are barred from releasing preferentially lest it be used for unlawful insider trading.
Lund told Reuters last month he had not given out information based on any draft of the report at the meeting with the SEB analyst and that the report was not ready at the time.
SEB Enskilda said Maersk had simply given the analyst broad guidance on the consensus of research currently in the market.
The bourse said, however, that a meeting between someone responsible for investor relations and a professional analyst should not result in such misunderstandings.
Danish media reported last month that A.P. Moller-Maersk's head of investor relations, Henrik Lund, had met an SEB analyst on April 11 and given him information from a draft of the first-quarter report.
Maersk denied it leaked early details of the report and SEB Enskilda denied receiving such information, which companies are barred from releasing preferentially lest it be used for unlawful insider trading.
Lund told Reuters last month he had not given out information based on any draft of the report at the meeting with the SEB analyst and that the report was not ready at the time.
SEB Enskilda said Maersk had simply given the analyst broad guidance on the consensus of research currently in the market.
The bourse said, however, that a meeting between someone responsible for investor relations and a professional analyst should not result in such misunderstandings.
