Todays update16 May 2024 15:54
Investigation outcome
Further to the announcement on 18 March 2024, the Investigation overseen by a committee of the Board, with advice from PwC and Travers Smith, has now been completed. The conclusions from the Investigation have been reviewed by the Board. In summary, the Investigation has found no evidence that Mr Murphy's share dealing involved any other parties, nor any evidence of a wider pattern of misconduct by Mr Murphy impacting or implicating any of BTG's staff, customers or suppliers. Mr Murphy has expressed profound regret for his failure to comply with regulations and the impact of his actions on both BTG and his former colleagues.
The Company has reached a settlement with Mr Murphy whereby he has agreed to (i) forfeit his entitlements under the Company's Performance Share Plan and Deferred Bonus Plan in their entirety, meaning that no further amounts will be received by Mr Murphy under these schemes, and (ii) repay his after-tax bonuses since IPO to the Company, through BTG's clawback provisions. Further details are set out in the Companies Act 2006, Section 430(2B) statement published on the Company's website at www.bytesplc.com.
The Investigation also carefully considered the Company's procedures for monitoring and reporting the shareholdings of directors, PDMRs and their PCAs, and has undertaken a detailed review and reconciliation of the shareholdings of current and former PDMRs. This exercise identified minor discrepancies as noted in the Appendix, which will be correctly disclosed in the forthcoming Directors' Remuneration Report for the year ended 29 February 2024, with restatement of the prior period comparators where necessary. Following this review, the opportunity has been taken to implement additional measures to strengthen these processes across the Company.