Foresight 3 - Directors share buys
Posted: November 11th, 2016, 2:22 pm
Like many others I have moved across from TMF where the board has been of immense use.
One recent topic was on Foresight 4 Action Group where a Foresight 3 director bought shares in the market. There have been a number of comments anyway about Foresight and their advisers seemingly not being aware of the new Market Abuse Regulations which came into effect in July.
One point was on buy backs and how these were more difficult under the new Regs, not true as these requirements have not changed.
The other point was on the disclosure of directors share dealings, aka PDMR disclosures. These tightened up considerably on what had to be disclosed, particularly with a standard format that was to be used for reporting to the FCA and the market and required the same format to be used for "Persons Closely Associated)" (PCA) with a director.
The disclosure by Foresight 3 did not meet these requirements in anyway. You only have to look at any other listed company to see what has to be done and a VCT example is Albion Tech & Gen where 2 disclosures were made in the correct format on 31 October.
As you may guess, in a former sad life I had to deal with all this and set it up for a number of plcs and another reason why I retired.
Hope this helps.
IJ49
One recent topic was on Foresight 4 Action Group where a Foresight 3 director bought shares in the market. There have been a number of comments anyway about Foresight and their advisers seemingly not being aware of the new Market Abuse Regulations which came into effect in July.
One point was on buy backs and how these were more difficult under the new Regs, not true as these requirements have not changed.
The other point was on the disclosure of directors share dealings, aka PDMR disclosures. These tightened up considerably on what had to be disclosed, particularly with a standard format that was to be used for reporting to the FCA and the market and required the same format to be used for "Persons Closely Associated)" (PCA) with a director.
The disclosure by Foresight 3 did not meet these requirements in anyway. You only have to look at any other listed company to see what has to be done and a VCT example is Albion Tech & Gen where 2 disclosures were made in the correct format on 31 October.
As you may guess, in a former sad life I had to deal with all this and set it up for a number of plcs and another reason why I retired.
Hope this helps.
IJ49