SHARES in Tesco have raced ahead after the supermarket giant opened up its compensation scheme for investors impacted by the 2014 accounting scandal.
Tesco, which was up just shy of two per cent on London Stock Exchange, has appointed KPMG to lead the process overseen by the Financial Conduct Authority (FCA). The FCA said in March that Tesco had committed market abuse when it overstated profits by £263 million in a trading update on August 29 2014. It concluded that Tesco's share price was inflated as a result, meaning investors paid a higher price and were entitled to claim compensation if they bought shares and bonds between August 29 and September 19 2014. The financial regulator said each net buyer of shares over the period would be entitled to 24.5p per share purchased, alongside interest of 1.25 per cent per year if the buyer is an institutional investor and four per cent per year for retail investors.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here