Frasers Group reveals shares purchase error by non-exec chairman

Mike Ashley’s Frasers Group has revealed its non-executive chairman David Daly bought 3,912 ordinary shares in the company “in error” on Monday.

“The shares were purchased in error during a closed period. The company has robust procedures in place before PDMRs can trade in shares which were accidentally not followed in this instance,” Frasers Group said in a statement.

During the closed period, insiders are prohibited from trading company shares based on inside information.

The group said the issue was rectified as soon as it was noticed and the shares were sold within 15 minutes of being purchased. A “small profit” was made on the sale which Daly donated to charity, Frasers Group said.

“The company will ensure that PDMRs are reminded of their obligations and the internal procedures relating to dealing in the company's shares,” it added.

Frasers Group, whose portfolio includes brands Sports Direct, House of Fraser, Jack Wills, Flannels and Evans, will be reporting its annual results on Thursday after delaying them last week - the second time it’s delayed its full-year results in as many years. The highly-anticipated earnings will be the first indicator of how the retailer has performed during the Covid-19 pandemic which has pummeled the wider industry.

Photo credit: Sports Direct media centre