FSA fines Morrisons chief £210k for share disclosure failings

Between 2009 and 2010 Sir Ken substantially cut his shareholding in the supermarket chain which reduced his voting rights of 6.38%, a holding worth over £450m, to 0.9%. Sir Ken, who retired as chairman in 2008, failed to notify Wm Morrison on four separate occasions when his voting rights fell below 6%, 5%, 4% and 3% which he should have done. The FSA said Sir Ken did not financially benefit from these breaches. However his failure to notify Wm Morrison of the changes to his shareholding misled the market as to the ownership of voting rights, breaching the FSA's Disclosure and Tran...