Overview

This weekly round up from Norton Rose of UK corporate news covers:

- the £500,000 fine imposed by the Financial Services Authority (FSA) on Photo-Me International plc (PMI), a company listed on the Official List, for failing to disclose inside information to the market relating to its minilab sales as soon as possible. The delay led to a false market in PMI’s shares for 44 days.
- the June 2010 budget, including the announcement of plans for a wholesale reform of corporation tax.
- Mr Justice Norris' judgment in the case of Re Liberty International Plc
[2010] EWHC 1060 (Ch) which concerned the demerger of the property investment and development business of Liberty International Plc.
- the publication on 22 June 2010 by the Financial Services Authority (FSA) of a press release announcing that Anjam Saeed Ahmad, an ex-hedge fund trader and risk manager with AKO Capital LLP (AKO), had been sentenced to 10 months imprisonment, suspended for two years, 300 hours of unpaid work in the community and fined £50,000 for insider dealing. A confiscation order was also made against Ahmad in the sum of £106,280. The case was heard at Southwark Crown Court between 15 May 2009 and 22 August 2009.