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Skin Elements (ASX:SKN) breaches two listing rules

ASX News
ASX:SKN      MCAP $2.358M
30 December 2020 16:30 (AEST)

Skin Elements (SKN) has landed itself in hot water for breaching two ASX listing rules relating to the issue of its own shares and options.

The breaches relate to the issue of approximately 55,293 SKN shares and 55,293 options to Colosseum Securities.

Colosseum is actually a related party to Skin Elements and is currently controlled by SKN Director Phil Giglia.

Skin Elements shareholders signed off on the issue of the SKN shares and options to Collosseum in November 2019 at the Annual General Meeting.

However, the shares and options in question weren’t issued until January 2020, which is past the allotted one month time frame companies must comply with.

In light of the breaches, Colosseum has elected to sell all of the 55,000 SKN shares and donate any profit from the sale to a charity.

The shares will be sold by January 13, 2021, while the profits will be donated to a registered charity or not-for-profit in Australia.

Additionally, Colosseum has advised it will not exercise the options which were due to expire on December 31, 2021.

Following the breaches, Skin Elements closed Wednesday’s session down 2.15 per cent with shares trading at 9.1 cents each.

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