Telenet advisors cleared of share manipulation

8 Mar 2006

Belgium’s financial regulator has cleared cable operator Telenet of charges of share price manipulation related to its first day of trading in October 2005. The Belgian Banking and Finance Commission launched its inquiry after shares in the operator fell almost 10% at their opening, with more than 10% of its outstanding capital changing hands. The regulator examined the actions of the institutions which constituted the offering syndicate, including JP Morgan, Lehman Brothers, Merrill Lynch, Goldman Sachs, KBC Securities and Petercam, but found that it ‘fulfilled its role’ as a stabilising manager for Telenet and that the institutions had executed orders only on behalf of clients.

Belgium, Telenet (incl. BASE)