Vic: Share trader in court for alleged insider trading

AAP General News (Australia)
04-10-2007
Vic: Share trader in court for alleged insider trading

MELBOURNE, April 10 AAP - A share trader appeared in a Melbourne court today charged
with insider trading relating to a West Australian mining company.

Peter Woodland, 45, of Frankston, in Melbourne's south-east, is charged with 17 counts
of insider trading, and is facing a committal hearing at the Melbourne Magistrates' Court.

He is contesting the charges.

The Australian Securities and Investments Commission (ASIC) alleges Woodland traded
securities in Kanowna Consolidated Gold Mines, now known as Andean Resources Ltd, on five
occasions between November 28 and December 5, 2003.

ASIC alleges he had insider knowledge of the company's acquisition of the Cerro Negro
gold mining project in Argentina before it was made public on December 10, 2003.

After the acquisition was announced to the Australian Stock Exchange, the company's
shares closed at 9.1 cents, up 2.5 cents from when it requested a trading halt on December
8, due to concerns information had been leaked about the deal.

ASIC also alleges Woodland passed his inside knowledge onto people he met through the
internet-based financial services chat site, Hotcopper.

Magistrate Peter Mealy adjourned the hearing until tomorrow.

AAP mj/mh/srp/mn

KEYWORD: WOODLAND

2007 AAP Information Services Pty Limited (AAP) or its Licensors.