13/08/2008 - 16:58

Trading breach forces director to resign

13/08/2008 - 16:58

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Hydrotech International Ltd director David Ledger has resigned from the company after a share purchase earlier today was found to be in breach of the company's trading policy.

Hydrotech International Ltd director David Ledger has resigned from the company after a share purchase earlier today was found to be in breach of the company's trading policy.

Earlier today the Perth-based company advised that Mr Ledger had acquired 310,000 shares for a total of $18,600.

In a statement posted later today, the company said Mr Ledger had advised that the purchase of these shares was as a result of the remainder of an original order that was placed in April of this year being filled when the share price reached 6 cents per share last Thursday.

Mr Ledger was not aware that the order was still open.

Hydrotech's corporate governance plan provides for a 'closed trading period' for directors of the Company until the preliminary final report is lodged with the ASX.

"Mr Ledger regrets that the share purchase was made in this period, and understands that this constitutes a breach of Hydrotech's share trading policy," Hydrotech said.

"As such, Mr Ledger to his credit has tendered his resignation as a Director which Hydrotech accepts with regret and the understanding that this was an honest mistake on Mr Ledger's part."

Company secretary Fiona Boucher has agreed to fill the vacancy.

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