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 September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Rolls-Royce to Cut More Staff of Marine Unit

Britain's Rolls-Royce said it would cut an additional 400 staff from its marine business by the end of next year, its latest move to make the unit more efficient

Wärtsilä Debuts Package for hydropower & industrial plant

Wärtsilä Corporation, a global leader in complete lifecycle power solutions for the marine and energy markets, expands into a new market segment, offering a comprehensive package of seals,

Smith Taken on Rolls-Royce Holdings Board

Rolls-Royce Holdings plc today announces the appointment of Sir Kevin Smith CBE as a Non-Executive Director.  Sir Kevin will join the Board with effect from

Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | 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: 0.0865 sec (12 req/sec)