In the last issue of CodeWord (No. 23), the article on the Kerifresh matter made various references to Graham Cowley’s involvement in transactions by GMS Fulfilment NZ Limited that the Panel found did not comply with the Code.

The article incorrectly stated that Graham Cowley had “suggested” a solution to issues surrounding the unwinding of the “warehousing” arrangement. While the Panel found that the transactions leading to the unwinding of the warehousing arrangements involved Alan Thompson, Hamish McHardy and Graham Cowley, it made no finding as to who had suggested the particular form of transaction.

The article also incorrectly stated that McHardy, Thompson and Cowley had “… agreed to unwind the warehousing agreement …” by a series of transactions using Cowley’s company, GMS, to hold Kerifresh shares. While McHardy and Thompson said in evidence to the Panel that this was the purpose of the transactions, and the Panel had so found, Cowley had said in evidence that the transactions had been entered into for a different purpose unrelated to any warehousing agreement.

The Panel regrets any embarrassment which may have been caused to Mr Cowley for any inaccuracy in its CodeWord article.

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