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Poker, I have not worked for a large corporate for over 10 years
now so more than a little out of the loop these days!.
From memory though, you are right. A BOD members would normally inform
the Chair - I'm not sure that was/is a legal requirement , one perhaps covered by
contractual terms etc.
Remember the fuss a few years back with that Tesco director selling close to a
subsequent disappointing trading update.
Think he may have left the company shortly afterwards, may have been unrelated.
fatprofits
There used to be a time when any BOD member had to get clearance from the Chairperson before buying or selling..in order to ensure "proper" trading conduct was followed
I don't know if that is still the case ?
With respect this is a tad ridiculous, the rules regarding
dates are clear.
Also keep in mind that a director, senior manger or indeed anyone
in possession of "material" information that is "not in the public domain"
is precluded from trading in that companies shares.
Whether that always happens...!.
Those of us who are a little older may remember a time when
"Insider trading" was Not illegal - some may find that surprising.
A director of an LSE stock is perfectly entitled to purchase or sell
shares on interim or FY results day - provided the company concerned
is not the subject of a bid. There may possibly be other exceptional
circumstances.
You will notice Non Execs often buy just following results.
If there is a conference call or analysts presentation on results day,
it's usually "etiquette" to wait until that has completed prior to dealing.
How strictly that's now adhered to I'm not sure.
3rd feb RNS describes itself, clearly, as ‘Final Results’.
reading your comments you miss the point.
Intrim is not year end and can be adjusted.
GSK Non exec and Director of Investor Relations both have answered questions in last two weeks stating they are in Closed Period till March 4 th yeear End Annual Accounts.
Now if your GSEF student knows this, then its being taught wrong
Intrim Results can be altered before annual final accounts and news, its why the UK is bent . Q4 and Intrim is not Final, Annual end of year is.
Perhaps its why Hal Barron gave an explantion for selling shares , to pay a tax bill.
Anyway
CVAC Trial results are coming in over the next week.
Only 25% of shares in issue can be traded .
My 15 year old nephew doing a Business Studies GCSE
knows this one.
Are we really discussing this?.
TR - Read on please - "... the announcement of results marks the END of the closed period" ...
From thomson reuters:
Under Article 19(11) of the UK Market Abuse Regulation (UK MAR), the period of 30 calendar days before the announcement of an interim financial report or a year-end report, that an issuer is obliged to make public according to the rules of the trading venue where the issuer's shares are admitted to trading or the law of the United Kingdom, during which a person discharging managerial responsibilities (PDMR) of an issuer is prohibited from conducting any transactions on its own account or for the account of a third party, directly or indirectly, relating to the shares or debt instruments of the issuer or to derivatives or other financial instruments linked to them.
Note that the announcement of preliminary financial results agreed by the management body of the issuer constitutes the announcement marking the end date of the closed period where those preliminary financial results contain all the key information relating to the financial figures expected to be included in the year-end report (see ESMA: Questions and Answers on the Market Abuse Regulation).
No Trading by directors for 30 days before the annual report .Closed period.
You had q4 results, but not the full year end annual report, where verything is disclosed.
Now if you disagree, then ask GSK.
Under Article 19(11) of the UK Market Abuse Regulation (UK MAR), the period of 30 calendar days before the announcement of an interim financial report or a year-end report...