CORRECT: Bytes Technology finishes probe into former CEO share dealing

(Headline and first paragraph of an article published on Thursday suggested that Bytes' investigation found no evidence of misconduct against its former CEO, which is not the case.)

(Alliance News) - Bytes Technology Group PLC last Thursday said its investigation has found no evidence that its former chief executive officer Neil Murphy's share dealing involved any other parties, nor any evidence of a wider pattern of misconduct by Murphy implicating others.

The Surrey, England-based technology group said that Murphy resigned abruptly in late February, after disclosing to the board a number of undisclosed trades in company shares.

In an email on Friday, Bytes said it had not cleared Murphy.

The group said in a statement on Thursday it had completed the investigation, which was overseen by a committee of the board with advice from PwC and Travers Smith.

"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," the group said.

The "conclusions" from the investigation have been reviewed by the board, it said.

"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 group said.

Bytes said it had reached a settlement with Murphy whereby he has agreed to forfeit his entitlements under its performance share plan and deferred bonus plan in their entirety, and repay his after-tax bonuses since the initial public offering on the London Stock Exchange in December 2020.

Early this month, Bytes made Sam Mudd its permanent chief executive officer. Mudd has been serving as interim CEO since February.

Shares in Bytes were up 0.7% at 533.34 pence each on Monday morning in London. In Johannesburg, they were up 1.1% at ZAR123.20 each.

By Artwell Dlamini, Alliance News reporter

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