Bytes rocked by former CEO’s undisclosed share trades on LSE

Bytes rocked by former CEO’s undisclosed share trades on LSE

Bytes Technology Group, which is secondary listed on the JSE and with a primary listing on the London Stock Exchange (LSE) on Friday released more information after its CEO, Neil Murphy, resigned under a cloud last week after failing to disclose share transactions on the LSE.

On Wednesday, Murphy notified the board that he had made a number of trades in the company’s shares that had not been disclosed to the company or to the market in compliance with regulatory requirements.

Bytes said it understood that Murphy’s current holding of shares was 2.9 million shares and remained unchanged from the position notified to the market on November 28, 2023.

In aggregate, Bytes, one of the UK and Ireland’s leading software, security, AI, and cloud services specialists, updated the market on Friday that Murphy’s actual trades totalled to 313 741 shares acquired at a volume weighted average price of 479.23 pence (R117.01) per share and 313 741 shares sold at a volume weighted average price of 483.46 pence per share.

Murphy’s trades started on January, 6, 2021, until November 10, 2023.

In Murphy’s LinkedIn profile, which has subsequently been removed, he punted himself as, “A true leader, who can be trusted. Strong and customer focused perfectionist with huge knowledge.”

On Friday, The Finance Ghost (@FinanceGhost) posted on social media platform, X: “Are you kidding me?!? I thought it was like one or two trades. The Bytes CEO has been trading for like three years without any disclosure.”

The board last week announced that Sam Mudd, the executive director of the company and managing director of Phoenix Software Limited, would assume the role of interim CEO.

It said trading for the financial year ending February 29, 2024, had been in line with the board’s expectations. It would also publish a trading update next month.

BUSINESS REPORT