Stuart Rose given all clear by FSA
M&S chief executive no case to answer in share dealing
The Financial Services Authority has cleared Stuart Rose of any involvement in insider share dealing in the run-up to the announcement of Philip Green’s bid for the company.
Rose was questioned by the FSA’s Enforcement Division after a formal inquiry into M&S share movements before Green confimed his interest
Rose has confirmed that he bought 100,000 shares before being approached first by Green, and subsequently by M&S, in May, but has maintained he had no knowledge of Green’s plans when he made the purchase.
The FSA said “On the basis of the facts the FSA has established, there are no ongoing inquiries in respect of Mr Stuart Rose.”
The all-clear will be a welcome boost for Rose ahead of his presentation next week setting out his strategy for M&S’s recovery.
With M&S having rejected the latest approach from Green’s bid vehicle Revival Acquistions, the spotlight will be fully on Rose as he tries to persuade shareholders that he can deliver value above the 400p-a-share offered by Revival.
