The non-executive chair of Mike Ashley’s Frasers Group accidentally bought shares in the retailer ahead of this week’s results.
The purchase, in violation of rules about share dealing during closed periods, is the latest embarrassment for the retailer, which owns the Sports Direct business as well as House of Fraser department stores.
Frasers Group reported yesterday evening that chair David Daly had bought 3,912 ordinary shares in the business earlier this week. The retailer is scheduled to post full-year results tomorrow. They had been delayed to check that accounting rules were fully met.
The retailer said of Daly’s dealings: “The shares were purchased in error during a closed period. The company has robust procedures in place before PDMRs [person discharging managerial responsibilities] can trade in shares which were accidentally not followed in this instance.
“The issue was rectified as soon as it came to the company’s attention and the shares were sold within 15 minutes of their purchase. A small profit was made on the sale which David Daly has donated to charity.
“The company will ensure that PDMRs are reminded of their obligations and the internal procedures relating to dealing in the company’s shares.”
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