Mayne Pharma’s Late Appendix 3Y Filing Highlights Compliance Oversight
Mayne Pharma Group has acknowledged a delayed filing of a director's interest notice due to administrative oversight and is taking steps to reinforce compliance with ASX disclosure rules.
- Late Appendix 3Y filing for director Bruce Robinson's interest change
- Delay attributed to administrative oversight and delayed information receipt
- Mayne Pharma reviewing internal processes to prevent recurrence
- Company reaffirms formal director agreements and disclosure policies
- ASX queried potential breaches of Listing Rules and Corporations Act
Background on the Late Filing
Mayne Pharma Group Limited (ASX: MYX), a key player in the pharmaceutical sector, recently disclosed a delayed filing of an Appendix 3Y notice concerning a change in interests held by Non-Executive Director Professor Bruce Robinson. The notice, which should have been lodged within five business days of the change occurring on 28 February 2022, was only submitted on 7 May 2025, over three years late.
The Australian Securities Exchange (ASX) Compliance team formally queried this delay, highlighting potential breaches of Listing Rules 3.19A and 3.19B, which govern timely disclosure of director interests, as well as a possible breach of the Corporations Act 2001.
Mayne Pharma’s Response and Compliance Measures
Mayne Pharma confirmed it has formal agreements with all directors requiring prompt notification of any changes in their notifiable interests. These agreements are supported by comprehensive policies, including a Market Disclosure Policy and Securities Trading Policy, designed to remind directors regularly of their obligations and to facilitate timely reporting by the company secretary.
Looking Ahead: Strengthening Governance
While the company believes its current arrangements are adequate, it has taken the opportunity to remind all directors of their disclosure responsibilities and is reviewing internal processes to reduce the risk of similar oversights in the future. This proactive stance aims to reassure investors and regulators that Mayne Pharma prioritises transparency and regulatory compliance.
The incident serves as a reminder of the critical role that robust governance and administrative diligence play in listed companies, particularly in sectors like healthcare where investor confidence is paramount.
Bottom Line?
Mayne Pharma’s swift acknowledgment and process review will be closely watched as a test of its governance resilience.
Questions in the middle?
- Will ASX impose any penalties or further sanctions on Mayne Pharma for the delayed disclosure?
- What specific internal process changes will Mayne Pharma implement to prevent future compliance lapses?
- Could this incident affect investor confidence or the company’s reputation in the healthcare sector?
