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ARTICLE · 15 FEBRUARY 2014

David Jones share trading: Insider trading rules come under the spotlight once more

Corrs Chambers Westgarth
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Criticism of ASIC reached new heights following a decision not to prosecute David Jones' directors for insider trading.

AustraliaCriminal Law
Andrew Lumsden
Andrew Lumsden
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Criticism of ASIC has reached new heights following its decision not to prosecute David Jones' directors, Leigh Clapham and Steve Vamos, for insider trading. However, ASIC appears to have thoroughly investigated the matter and, considering the Commission's strong track record when it does prosecute, the decision not to proceed is most likely well-founded.

The facts relating to the David Jones share trades are as follows. On 29 October 2013, David Jones directors Leigh Clapham and Steve Vamos bought shares in David Jones. The day before, Myer had approached the David Jones board with a merger of equals takeover offer that had not been disclosed to the ASX.

Three days after the share trades, David Jones released positive quarterly sales results, following which shares in David Jones surged 7%. This prompted immediate suggestions of insider trading by Clapham and Vamos.

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