Correction: Sir Iain Vallance

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LAST week we reported that Sir Iain Vallance, chairman of British Telecommunications, had cashed in some of his share options. We now know that although Sir Iain did indeed exercise options to buy shares, he sold only sufficient of the new holding to cover the cost of the exercise.

We are happy to make clear that Sir Iain retained the balance of 163,700 shares and thus underlined his commitment and confidence in the future of BT.

Apologies to Sir Iain if any contrary impression was given.