ASX probe into trade in Yates shares
The Australian Stock Exchange is investigating possible insider trading after shares in Yates soared 53 per cent in the lead-up to the news that the company is in discussions to sell its core gardening business.
The shares had been languishing around 8 cents for several months, but shot up from 8.5 cents on July 15 to 13 cents before trading was halted on July 16.
As Yates' stock resumed trading, the shares plummeted 3 cents to 10 cents.
An ASX spokesman said they were aware of the sudden increase in trading volumes and Yates' price in the lead-up to the trading halt. We are making “the appropriate inquiries”, he said.