WebSpy (ASX:WSY) director Thomas McGellin has admitted to inadvertently increasing his stake in the company during a non-trading period, and failing to properly disclose this increase.
McGellin said he had instructed his broker to shuffle around his indirect shareholdings in August 2009.
Although he expected that the change would not result in an increase in his ownership in WebSpy, it in fact led to his holding increasing by some 50,000 shares.
He had not disclosed this change to the ASX, prompting an official query once ASX advisers noticed the change.
WebSpy said it had all the relevant procedures in place to ensure changes in holding are adequately reported on.