MELBOURNE: Victorian apparel group Pacific Brands has had its recent trading activity called into question after several anomalies were spotted by the Australian Securities Exchange (ASX).
ASX Markets Supervision advisor Chris Murphy wrote to the company yesterday (April 27) after noting a change in the price of the company's securities from 44.5 cents at the close of trade on Friday to a high of 60.5 cents yesterday.
Murphy also raised concerns about an increase in the volume of share trading over the same period.
Pac Brands' company secretary Chris John Grover said the company was not aware of any information that could explain the increase in trading.
In response to Murphy's enquiry regarding extraordinary items for the next financial year Grover said the company expects to incur restructuring costs of approximately $110 million in respect of strategic initiatives as advised on February 25.
The query follows the company's announcement last Thursday (April 23) that its chief financial officer Stephen Tierney would step down from the role after 19 years. He will be replaced by Foster's Group chief strategy officer David Bortolussi in June.