The Australian Securities and Investments Commission has revealed that Nufarm Ltd
(ASX:NUF) has paid a $66,000 market disclosure fine, but the chemicals manufacturer says the payment is not an admission of liability. The commission had claimed that Nufarm failed to reveal the extent of its loss in the first half of the 2010 financial year. Having paid the penalty, chairman Donald McGauchie says the company is taking steps to improve its reporting and disclosure performance. On Monday Nufarm said it will refinance its existing debts, due to expire on 15 December this year, with a new $900 million loan. The company will today meet for its annual general meeting where it is expected to further detail its strategic review.
Nufarm posted a net loss of $22.65 million in the 2010 financial year.
