New Zealand Coastal Seafoods (ASX:NZS) has been censured by the Australian Securities Exchange (ASX) for breaching Listing Rules in connection with its supply agreement with Hong Kong-based Gold Saint International Resources Group, according to a Tuesday filing with the Australian bourse.
The company failed to disclose related-party connections between its chairman, Peter Chai, and Gold Saint, as well as the deteriorating financial performance of the supply agreement, the filing said.
NZS did not comply with the necessary disclosure requirements, resulting in significant delays and further breaches, the filing added.
ASX also cited NZS' poor history of compliance with periodic reporting and financial forecasts.
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