Tranz Rail shareholders yet to claim compensation

Some 535 shareholders are still eligible for compensation from settlement of the Tranz Rail insider trading case.

The names of these shareholders are listed on the Commission's website at www.seccom.govt.nz . They are invited to contact the Commission by 24 July 2009 for information about how to claim their compensation. Entitled shareholders will need to verify their identity and shareholding details.

Only shareholders who have already been contacted by the Commission or whose names are on the list are entitled to compensation.

The Commission reached a settlement on the Tranz Rail Limited insider trading case with $27.5 million paid by the defendants in June 2007. So far, approximately $17.3 million has already been paid to 30 counterparties.

Following that, the High Court then instructed the Commission to distribute the remainder of the settlement funds to Tranz Rail shareholders who held Tranz Rail shares on 8 and 12 February 2002 (the date of the transactions by the defendants).

The Commission has, since then, written to 3,100 shareholders advising them of their eligibility for compensation.

A number of people have not replied and letters have been returned. The Commission is keen to hear from the remaining shareholders so that compensation can be paid.

The High Court has given approval to the Commission to publish the names of the remaining shareholders. Shareholders should contact Geoff Brown on (04) 471 8295 or email geoff.brown@seccom.govt.nz for any further discussions or clarifications.