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Accent Group responds to share irregularities

Digital hub from Accent GroupFootwear retailer Accent Group has been forced to respond to queries by the ASX regarding irregular trading activities.

ASX senior advisor of listings compliance Elvis Onyura approached the company yesterday noting a change in the price of the company’s securities from a high of $1.66 on 10 July to a low of $1.37 on the 16 July.

Onyura also noted a “significant increase in the volume of the company’s securities traded today,” asking if Accent are aware of any information that has not been announced to the market which would explain these irregularities.

The irregularities came from the fact that a large amount of shares had been traded on the 16th, while the company’s shares were lower than in recent days, having dropped over 12 per cent.

“No. The company is not aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities,” responded Accent Group chief financial officer Matthew Durbin.

Durbin went on to note that a potential reason for the irregular trading activity could be the upcoming release from escrow of almost 37 million fully paid shares that had been issued to shareholders of Hype DC Pty. Ltd. as part of the $105 million acquisition.

The share sale, dated 4 July 2016, was subject to an escrow period of 2 years; to be released on 4 August 2018.

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