Former Chairman of Wm Morrison Supermarkets Plc Fined for Breach of Share Disclosure Rules


On August 16, the UK Financial Services Authority (FSA) announced that it had published a final notice imposing a penalty of £210,000 (approximately $350,000) on Sir Ken Morrison (KM), the former chairman of Wm Morrison Supermarkets Plc, for breach of its shareholding disclosure rule DTR 5.8.3R.

Between September 16, 2009, and June 21, 2010, KM's voting rights in Wm Morrison Supermarkets Plc had fallen below the 6%, 5%, 4% and 3% thresholds under which notification was required. KM failed to notify the company of the reductions in his voting rights until March 1, 2011. The result of this failure was that the company was not in a position to provide the required information to the market in accordance with DTR 5.8.12R(1) and consequently the market was misled as to the ownership of voting rights in the company. In addition, KM's shareholding was consequently misstated in the company's January 2010 annual report.

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Published In: Administrative Agency Updates, Business Organization Updates, Business Torts Updates, Franchise Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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