An ASX listed Perth mineral exploration company has been convicted and fined following an ASIC investigation.

Global Metals Exploration NL (Global Metals) pleaded guilty in the Perth Magistrates’ Court on 24 April 2015 to nineteen charges.

The charges were based on the findings of ASIC's investigation. The investigation found that Global Metals failed to:

• hold an Annual General Meeting within five months after the end of the 2013 financial year
• keep a minute book and record within one month, the proceedings and resolutions from the company's meetings of members and directors from 20 October 2011 to 18 September 2013
• provide its financial report, directors’ report and auditor’s report to its members within four months of the end of its 2013 financial year;
• lodge annual reports with ASIC within three months of the end of its 2013 and 2014 financial years
• lodge half-yearly report with ASIC within 75 days of the end of its 2013 half- year

The company was convicted and fined a total of $8,400.

The law requires publicly listed companies, such as Global Metals, to report to members and lodge reports with ASIC.

In sentencing, the Court noted the company’s responsibility in satisfying obligations under the Corporations Act,the seriousness of the company's failures, the impact of the contraventions on shareholders and the market at large.

ASIC Commissioner Greg Tanzer said, ‘This matter reinforces ASIC’s determination in ensuring that investors and the public have accurate and timely information, allowing them to make informed financial decisions.

‘ASIC will not hesitate in pursuing companies that are failing to do the right thing.’

The matter was prosecuted by the Commonwealth Director of Public Prosecutions.

[This media release was redacted on 6/12/2024 in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.]