Mr Bayes was employed as a site manager at UK plastic manufacturer, RPC Group Plc (RPC). Through his employment he obtained confidential information, known as ‘inside information’, that RPC were about to announce the acquisition of British Polythene Industries (BPI).
Between 2 May 2016 and 8 June 2016, ahead of the market announcement that RPC had agreed to buy BPI on 9 June 2016, Mr Bayes undertook increasingly aggressive trading in BPI shares. He also encouraged a further individual, Mr Jonathan Swann, to trade in BPI shortly before market close on the 8 June.
Mr Bayes will be sentenced on 26 April 2024. The co-defendant, Mr Jonathan Swann, was found not guilty of insider dealing.
At a previous trial in 2022, a jury failed to reach a verdict in the case, with the FCA pursuing a retrial which began in February 2024.
Tom Broomfield was junior counsel for the FCA.
Tom Broomfield