Australia Nine Entertainment

David Gyngell: Mr Gyngell declined to comment, but a spokeswoman for Nine Entertainment told the ABC the company obligations to disclose market sensitive information had been met in relation to a trading update which was announced after the stock exchange closed on Friday. "The two issues are not linked, according to Australian Broadcasting Corporation. If we had been aware of any downgrade prior to Friday afternoon we would have announced at that time," the spokeswoman said in a statement. "It is clear we at all times operate within ASX guidelines. Map: Australia Nine Entertainment has responded to concerns raised regarding the circumstances in which its chief executive David Gyngell sold $1.5 million in shares two weeks before last week profit warning. David Gyngell shares were sold following approval of the chairman and in compliance with the company share trading policy." The spokeswoman confirmed that Nine Entertainment board did not meet for discuss the profit downgrade and that "there is no requirement for a board meeting". Nine shares plunged 16 per cent yesterday, the first trading day after it told investors that full-year earnings could be in the range of $285 million to $290 million, down from guidance of $311 million issued late last year. In Friday announcement, Nine signalled that advertising revenue was likely to decline. The Australian Securities and Investments Commission has refused to confirm whether or not it is investigating this matter. "We do not comment on specifics and don't comment on operational matters," a spokesman said. "But generally, ASIC makes enquiries into disclosure issues and trading, consistent with our usual practices around company announcements which result in significant market movements." David Gyngell sold 700,000 shares on May 20, making approximately $400,000 more on the sale than he would have made selling on the market yesterday. (news.financializer.com). As reported in the news.