Film making CA cleared of insider dealing
Gary Smith, the chartered accountant boss of Winchester Entertainment, has been cleared of insider dealing allegations, the Financial Services Authority said today.
Smith had sold shares worth £592,000 two weeks before Winchester Entertainment issuing a profits warning in February, saying he needed the money to renovate a house.
A later profits warning in May suggested losses of £6m.
Today, the struggling film and television production company announced a substantial write-down of business assets due to reduced sales in the TV division and the downturn in the global TV market affecting film revenues.
The company revealed turnover of £8.3m (2001: £20.9m) but a pre-tax loss of £8.3m (2001: £3.2m profit).
At the same time as the FSA confirmed it had dropped its investigation into Smith’s share dealings, it said it had not found any evidence of insider dealing or market abuse and that no further action would be taken.