Yowie Group Files Late Director Notices Following 27 June Board Change
Yowie Group Limited has explained the delayed filing of director interest notices following a contested board change, committing to stronger governance measures to prevent future lapses.
- Late Appendix 3X filings due to transitional challenges after 27 June 2025 board change
- New board faced access issues to company records and systems
- Acknowledgement of breach of ASX Listing Rules 3.19A and 3.19B
- Implementation of enhanced director onboarding and governance protocols
- No further enforcement steps currently planned as procedures now deemed adequate
Context of the Board Change
Yowie Group Limited, a confectionery company listed on the ASX, recently underwent a significant governance event with a contested extraordinary general meeting on 27 June 2025. This meeting resulted in a change of control of the board, bringing in new directors including Antony Catalano, Geoff Wilson, Martyn McCathie, Jesse Hamilton, and Sulieman Ravell.
Delayed Disclosures and ASX Compliance
Following the board change, Yowie Group was required under ASX Listing Rule 3.19A to lodge Appendix 3X notices disclosing the initial interests of the newly appointed directors within five business days. However, these notices were only filed on 15 July 2025, well past the deadline. The ASX raised concerns about potential breaches of Listing Rules 3.19A and 3.19B, as well as possible contraventions of the Corporations Act by the directors themselves.
Company’s Explanation and Response
Yowie Group attributed the delay to transitional challenges following the board upheaval. The new board faced immediate hurdles such as securing access to company books, records, and corporate systems including ASX Online. These obstacles, coupled with the need to assess the company’s inherited legal, financial, and governance status, contributed to the late filings.
Importantly, the company acknowledged the importance of timely compliance and expressed regret for the delay. It also disclosed that it has now implemented standard corporate governance procedures and director onboarding protocols, including deeds of access, indemnity, and insurance agreements. These measures are designed to ensure that directors disclose their interests promptly in line with ASX requirements.
Looking Ahead, Governance and Compliance
Yowie Group’s new board has committed to strengthening compliance with Listing Rule 3.19B and enforcing arrangements to ensure directors meet their disclosure obligations. The company indicated that no additional steps beyond these enhanced procedures are currently planned, suggesting confidence in the adequacy of the new governance framework.
While the immediate compliance issue appears addressed, the episode highlights the complexities companies face during sudden leadership changes and the critical importance of robust governance systems to maintain market confidence.
Bottom Line?
Yowie’s governance reset is underway, but investors will watch closely for consistent compliance going forward.
Questions in the middle?
- Will ASX take further enforcement action over the delayed disclosures?
- How will the new board’s governance changes impact Yowie’s operational transparency?
- Could this compliance lapse affect investor confidence or share price momentum?
