Late Director Disclosure Raises Compliance Questions for Savannah Goldfields
Savannah Goldfields Limited has explained the late filing of a director’s interest notice, attributing it to an oversight during an entitlement offer. The company affirms its compliance processes remain robust despite the delay.
- Late Appendix 3Y filing due to director’s oversight in entitlement offer participation
- Three entities held shares; two entities’ participation initially unreported
- Director obligated under appointment agreements and trading policy to disclose changes
- Savannah Goldfields maintains current compliance arrangements are adequate
- ASX highlighted potential breaches of Listing Rules and Corporations Act
Background to the Late Disclosure
Savannah Goldfields Limited (ASX – SVG), a gold exploration company, recently responded to a formal query from the Australian Securities Exchange (ASX) regarding the late lodgment of an Appendix 3Y notice. This notice relates to a change in the shareholding interests of one of its directors, Richard Stacy Anthon. The change occurred in February 2025 but was only reported in October 2025, well beyond the five-business-day window required by ASX Listing Rules.
The Oversight Explained
The company disclosed that the delay stemmed from an oversight by the director himself. Mr. Anthon participated in an entitlement offer through three separate entities holding shares in SVG. While one entity’s participation was promptly reported, the other two were not communicated to the company secretary in time, resulting in the late filing. Savannah Goldfields confirmed that none of the shares acquired were disposed of or transferred, indicating no suspicious trading activity.
Compliance Framework and ASX Concerns
Under ASX Listing Rule 3.19B, directors are required to disclose changes in their interests promptly to enable the company to meet its continuous disclosure obligations. Savannah Goldfields stated that its directors are contractually bound by appointment agreements and a securities trading policy to notify such changes. The company believes its current arrangements are sufficient to ensure timely disclosures going forward.
However, the ASX letter pointed out that the late notice may constitute breaches of Listing Rules 3.19A and 3.19B, as well as a potential breach of section 205G of the Corporations Act 2001. The ASX requested detailed explanations and assurances that compliance will be enforced rigorously in the future.
Implications for Governance and Market Confidence
This incident highlights the challenges companies face in managing director disclosures, especially when multiple entities are involved. While Savannah Goldfields has taken responsibility and reaffirmed its compliance processes, investors and regulators will be watching closely to see if improvements are implemented and enforced effectively. Transparency and timely reporting remain critical to maintaining market trust, particularly in the mining sector where governance scrutiny is high.
Bottom Line?
Savannah Goldfields’ swift response may calm immediate concerns, but the spotlight on director disclosure practices is unlikely to fade.
Questions in the middle?
- Will Savannah Goldfields enhance its internal controls to prevent future disclosure delays?
- How will the ASX respond if further compliance issues arise at SVG?
- Could this incident affect investor confidence or the company’s share price momentum?
