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Frasers non-executive purchases shares "in error"

Lauretta Roberts
18 August 2020

Frasers Group non-executive director David Daly purchased 3,912 ordinary shares in the company "in error" during a closed period yesterday.

The company said that the matter was rectified within 15 minutes of the trade taking place and the shares re-sold. Daly made a small profit on the sale which he has donated to charity.

Frasers Group, which is the parent of Mike Ashley's retail empire, said it had "robust procedures in place before PDMRs [persons discharging managerial responsibilities] can trade in shares which were accidentally not followed in this instance."

Directors are prevented from buying or selling shares during a closed period in order that they do not benefit from inside information.

The group was due to publish its annual results last week but for the second year in a row it has delayed publication and the numbers will now be released this Thursday.

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