Probe into INL trades takes longer than expected

The Securities Commission has still not completed its inquiry into possible insider trading in Independent Newspapers shares, despite saying three weeks ago it was close to completing its investigation.

The inquiry was sparked by moves in INL's share price before the announcement that it was negotiating to sell its New Zealand publishing assets to John Fairfax Holdings.

Securities Commission director of enforcement Norman Miller said he could not state why the inquiry was not completed, nor when it would be.

"It's just taking a bit longer than expected, that's all. I don't think you should read anything sinister in that. These things take a bit of time."

The inquiry started from a "routine referral" from the stock exchange about "slightly unusual [trading] activity" before the announcement on April 10. The exchange usually refers an inquiry to the commission after noting unusual price increases or a rise in trading volumes.

The INL share price rose from a close of $3.15 on April 3 to a close of $3.83 on April 10.

INL completed the sale on June 30.

- NZPA