David Jones Directors Bought Shares Two Days Before Quarterly Sales Data

Getty/ Graham Denholm

Fairfax is reporting that two David Jones directors bought shares in the retailer two days before quarterly sales figures were released.

The shares rose 6% after the data surprised on the upside.

The company has not disputed that Stave Vamos and Leigh Clapham had seen the information, though chairman Peter Mason said they had received permission before buying them.

“Both directors obtained my prior approval to their share purchases. In my view, they did not possess price-sensitive information. Both directors acquired the shares during the company’s trading window.”

Vamos bought his stock at $2.69 and Clapham at $2.67. Yesterday it was worth $3.08.

It needs to be stressed that neither have been accused of insider trading.

There’s more here.

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