UK's Financial Services Authority: Mr Paul Davidson, Mr Nigel Howe And Mr Ashley Tatham

On 23rd October 2003 the FSA issued a Decision Notice to Mr Paul Davidson, Mr Nigel Howe and Mr Ashley Tatham. Mr Davidson and Mr Tatham subsequently referred this decision to the Financial Services and Markets Tribunal.

The Tribunal's decision was issued on 16th May 2006. The Tribunal determined that Mr Davidson and Mr Tatham had not engaged in market abuse and accordingly determined the references in favour of Mr Davidson and Mr Tatham. The FSA confirms that, following the Tribunal's decision and in accordance with its direction, the FSA is not pursuing any action against Mr Tatham and Mr Davidson in relation to this matter. The FSA has also subsequently, in the light of the Tribunal's decision, issued a Notice of Discontinuance to Mr Howe.