St James's Place Capital

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A ROUTINE investigation by the Stock Exchange's insider dealing group into dealings by St James's Place Capital and others in the shares of Great Universal Stores is understood to have cleared St James's of any suggestion of impropriety.

In a report on 18 July, the Independent on Sunday said that the insider dealing group had launched an investigation into purchases of voting shares of GUS by St James's, the investment group headed by Lord Rothschild.

It is understood that the Stock Exchange fully accepts that these purchases were part of a series dating back to December 1991 in pursuit of a long-term investment strategy to build a stake in the shares.