Crown Resorts claims it only finalised the departure of long-standing chief executive Rowen Cragie at 10.11am on Thursday morning, just two minutes before it announced the executive changes to the ASX – despite The Australian Financial Review revealing Mr Cragie's departure on Tuesday evening.
Crown was asked to explain the timing of the announcement by the ASX. In a formal response to the market operator's query released late on Friday, Crown denied it had failed to keep the market properly informed.
Despite the speculation in the press surrounding Mr Cragie's departure, Crown said final negotiations on his separation were not concluded until 10.11am on Thursday morning. Crown issued an announcement to the ASX at 10.13am, the company said.
Despite the gap of just two minutes, the Crown announcement, which said Crown executive chairman John Alexander would assume Mr Cragie's role and responsibilities, ran to two pages and included extensive quotes from both men.
The announcement on the executive changes came 43 minutes after Crown released its first half profit results. The commentary only included quotes from Mr Alexander.
"Crown believe that it has in fact complied with its obligations ... by releasing the announcement promptly and without delay (i.e. two minutes after) it became aware of the information," the company said in its statement to the ASX.
