Embattled MORE ordered to explain inconsistent information

Embattled MORE ordered to explain inconsistent information

The logo of the Securities and Exchange Commission.
The logo of the Securities and Exchange Commission.

The Securities and Exchange Commission has ordered More Return Plc (MORE) to clarify inconsistencies in information provided by its board on issues including the rising cost of a concert it is organising.

The SEC said on Monday that information from the board was "significantly inconsistent" with information disclosed in the company's invitation to the 1/2565 special meeting of shareholders.

The inconsistencies were found in many issues, including the cost of organising of the Rolling Loud concert planned for next year.

According to the SEC, in the board's written explanation of suspicious trading in MORE stock earlier this month, the cost of the Rolling Loud concert was estimated at 899 million baht, 36% higher than the figure used in the invitation to the shareholders' meeting.

There might be unclear information on the co-investment in the concert which puts MORE at risk of being sued by Rolling Loud USA, the SEC said.

The regulator demanded MORE make the clarification within three business days. The SEC also said that MORE's invitation to the shareholders' meeting lacked information for informed decisions by shareholders.

Authorities started regulatory and investigative action against MORE after suspicious trading in the Market for Alternative Investment (MAI) on Nov 10 and 11.

On the morning of Nov 10, shares of MORE opened at 2.90 baht apiece, up 4.3% from the previous session. They quickly fell to a floor price of 1.95 baht.

There were at-the-open buy orders for 1.5 billion shares at 2.90 baht per share, with several investors placing sell orders at the same price also at the open. That represented a combined transaction value of 7.14 billion baht. This ranked first in terms of total market turnover on both the Stock Exchange of Thailand and the MAI.

One investor who placed huge buy orders for MORE shares defaulted and damage caused to the securities companies that paid the sellers was estimated at 4 billion baht. Observers termed it a robbery. 

Do you like the content of this article?
COMMENT (2)