Statement: Confirmation Of Facts: Peter Jones Connaught Investigation

Online, November 14, 2012 (Newswire.com) - It was reported in several media that Peter Jones was investigated by the FSA in 2010 in connection to him selling Connaught shares when he was a Director. It was insinuated that there was irregular dealings due to the timing of the announcement of the shares being sold, alongside timings of profits warnings of the company, and this was led to speculation about insider dealings.

We can report that this investigation has now been closed, with no charges being brought against Mr Jones.

Details of the letter from the FSA can be supplied. The letter dated 9th July 2012 reads:
"I am writing to advise that the FSA has concluded its investigation into possible insider dealing under section 52 (1) of the Criminal Justice Act 1993 in relation to the sale of shares in Connaught Plc by Mr & Mrs Jones on 21 May 2010 and 23 June 2010, and, on the information presently available, has decided to take no further action in respect of this matter".

For avoidance of doubt the details are as follows:-

It was quoted that share sales were made on May 21st and June 23rd.

This is correct however sales made by Mr Jones which only represented a portion of his shareholding in Connaught PLC were discussed with the Group Chief Executive and Finance Director in the last quarter of the previous year and fully authorised by the Group Chief Executive and acting Company Secretary in May prior to the sale. For whatever reason the company announced the above share sales on 21st July ( 2 months later than the date they were aware of and approved the sale made in May) and this is where the confusion came about.

This case has now been closed by the FSA