The FTSE 250 business was forced to put out a statement after it emerged that David Daly, 61, had bought 3,912 shares on Monday despite the company being in a closed period.
Frasers Group, owned by Mike Ashley, said that it had “robust procedures in place . . . which were accidentally not followed in this instance”.
The sportswear retailer said that the shares were sold within 15 minutes of their purchase as soon as it came to the company’s attention and that the £156 profit within that timeframe had been donated to charity.
Yes, stupid thing to do. But:
The mistaken share purchase has again raised concerns about corporate governance at Mr Ashley’s business empire and its unorthodox ways of dealing with investors. Shares fell by 6¼p, or 2.15 per cent, to 282¾p.
That’s more stupid.
Errors will happen. It’s how quickly you correct them that matters. And 15 minutes looks pretty good to me.