David Jones non-executive directors Steve Vamos and Leigh Clapham were in the news last year, after the pair bought shares in the company before sales data was released.
However Australia’s corporate regulator the Australian Securities & Investments Commission has decided there is insufficient evidence to take action, according to media reports.
The price rose on the data, and questions were raised over whether they should have been allowed to buy the stock after seeing the figures.
ASIC has not exonerated the pair. Rather, it has said there is not enough evidence to prove the information was not readily available to the public.
It needs to be stated that both directors received permission from the chairman to buy the stock, and while questions were raised over the legality of the purchase, neither was officially accused of insider trading.
An article in the AFR says ASIC examined emails between Clapham, Vamos and chairman Peter Mason, as well as company lawyers.
It also, according to the report, consulted a senior industry figure to find out how price sensitive the sales data was.
There’s more here.