EOS Settles ASIC Investigation – Company Strengthens Governance
Electro Optic Systems Holdings Limited (ASX: EOS) has reached a resolution with ASIC regarding its 2022 continuous disclosure breaches, closing a significant regulatory chapter for the company. Following challenges in 2022—marked by supply chain disruptions, delayed contract awards, and reassessed revenue expectations—ASIC determined that EOS failed to meet disclosure obligations between July and October of that year. The company has agreed to a proposed AU$4 million civil penalty, which awaits Federal Court approval.
EOS emphasised its commitment to improved governance, transparency, and strengthened leadership since late 2022, including key executive appointments. The Chair, Garry Hounsell, stated the settlement provides clarity and enables the organisation to focus on strategic priorities without prolonged litigation. ASIC will separately pursue action against former CEO Dr Ben Greene, though EOS itself has cooperated fully. With operational progress underway, the company aims to deliver long-term value across its Defence and Space Systems divisions.
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EOS Settles ASIC Investigation – Company Strengthens Governance
Electro Optic Systems Holdings Limited (ASX: EOS) has reached a resolution with ASIC regarding its 2022 continuous disclosure breaches, closing a significant regulatory chapter for the company. Following challenges in 2022—marked by supply chain disruptions, delayed contract awards, and reassessed revenue expectations—ASIC determined that EOS failed to meet disclosure obligations between July and October of that year. The company has agreed to a proposed AU$4 million civil penalty, which awaits Federal Court approval.
EOS emphasised its commitment to improved governance, transparency, and strengthened leadership since late 2022, including key executive appointments. The Chair, Garry Hounsell, stated the settlement provides clarity and enables the organisation to focus on strategic priorities without prolonged litigation. ASIC will separately pursue action against former CEO Dr Ben Greene, though EOS itself has cooperated fully. With operational progress underway, the company aims to deliver long-term value across its Defence and Space Systems divisions.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au.au