Mr Gay, who was a director of Gunns Limited from 1980 to 2010 and was chairman of Gunns Limited from 2002 to 2010, was charged in December 2011 (refer: 11-296AD).

On December 2 and 4, 2009, while in possession of inside information relating to the financial performance of Gunns, Mr Gay sold more than 3.4 million Gunns shares. This trading was prior to the release of Gunns’ half year results on 22 February 2010. Following this release, the Gunns share price fell substantially.

The matter will return to the Supreme Court of Tasmania in Launceston on 14 August 2013 for sentencing submissions. ASIC has no further comment on the matter at this time.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

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