CP Ships Reports on Trading Investigation

Tuesday, December 07, 2004
CP Ships Limited reported that its Special Committee comprised of four independent directors and chaired by Peter Dey has completed the previously announced investigation into stock trading activities in May and June of this year (2004) by certain officers of the company. The Special Committee investigation addresses, among other things, issues raised in an August 2004 letter from the Ontario Securities Commission concerning these stock trading activities.

The Special Committee found that trading in shares of the Company by certain officers in that period should not have taken place. The Special Committee concluded that there was no intent to violate applicable securities laws. It also noted that the trading was done openly and with required internal trading approvals. The Special Committee has requested that the individuals involved, including Chairman Ray Miles, make appropriate restitution to the Company in respect of such trading activity. The Company will continue to co?operate fully with securities regulatory authorities.

The Board of CP Ships considered all relevant factors, including the findings of the Special Committee, in conferring executive responsibility on Mr. Miles on December 1, 2004 following the resignation of Frank Halliwell as chief executive officer. The Company confirms that Mr. Halliwell did not engage in any trading activity in the relevant period.

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Navy Ocean Services Contracts Awarded to Five Firms

The US Department of Defense inform that five firms are to share in a broad range of ocean engineering services contracts with a combined maximum dollar value of US$99-million.

SUNY Maritime Grads Start at Higher Salary: PayScale

What do SUNY Maritime College graduates have that Princeton, Harvard, Yale, and Columbia graduates don’t have?  Higher starting annual salaries; that’s what, answers SUNY.

CAGTC Members Win Big in TIGER VI

The U.S. Department of Transportation (USDOT) announced Friday that 72 projects will receive a total of $600 million from the sixth round of the Transportation

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0807 sec (12 req/sec)