Pace in FSA probe

From the Telegraph & Argus, first published Monday 7th Jun 2004.

Saltaire-based digital television giant Pace Micro Technology has been investigated by the Financial Services Authority (FSA) over allegations it broke stockmarket rules.

The hi-tech company admitted today that it and its chief executive John Dyson were involved in a tribunal where it is believed they are challenging the findings of the FSA, the City regulator.

The announcement followed reports that the company had been found guilty by the FSA. However, Pace would not confirm this.

The company was also accused of failing to disclose information properly.

It was reported that the FSA's Regulatory Decisions Committee (RDC) had found against Pace chief executive John Dyson and his predecessor, Malcolm Miller. The RDC has the power to publicly censure companies and individuals and impose substantial fines, but details of the case have been kept confidential.

Pace has endured a turbulent few years as its share price plummeted in response to the collapse of ITV Digital.

The statement from Pace read: `The company confirms that it and its chief executive John Dyson are parties to a reference to the Financial Services and Markets Tribunal. The company is prohibited under the Financial Services and Markets Act 2000 from providing any further information regarding this reference until the matter is resolved. In the meantime, the company confirms that the results for the year ended May 29 2004, before an exceptional item in relation to the above, are in line with expectations.'

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