Friday’s blog post on KSE buying two Arsenal shares got a fair bit of interest. You will recall that Stan Kroenke, under the guise of Kroenke Sports Enterprises, bought two shares in Arsenal on 11 July, but this wasn’t announced until four weeks later. This is despite Mr K being a Director of Arsenal, which means that any share trades have to be announced ‘as soon as possible’. In stockmarket terms ‘as soon as possible’ means the next working day at the latest, but for whatever reason – and naturally no one has given us one – the announcement didn’t happen in anything like a reasonable timescale.
I phoned ISDX on Friday to ask them why this had taken so long, and they took my number and said they’d phone back. Needless to say, they haven’t. I didn’t expect them too. The two people I spoke to on Friday seemed to know as much about shares as my cat, and to have marginally less interest in them. The fact is Stan Kroenke has blatantly broken their rules, but they don’t seem interested in enforcing them.
With the aid of my legal team, I’ve now located the ISDX stockmarket rules that Arsenal and their Directors are supposed to follow.
You can read them all here if you’re so inclined.
In particular this lot:
of which my legal department tell me rules 43 and 72 are the most pertinent.
Here’s rule 43:
You could argue that as it’s only two shares involved, it’s not a serious matter. I’d argue that the owner of Arsenal should really be following rules a little more closely, as a professional person should, not to mention the spirit of openness and honesty that we expect. If you don’t follow rules it tends to look as though you are either incompetent or underhand, neither of which is a positive trait for Arsenal owner in my book.
Of course the big question is still Why has Stan Kroenke decided to buy two shares now, fully two years after his last purchase? What good is an extra two shares going to do him? I didn’t know on Friday and I’m none the wiser now. However, I will be watching any Arsenal share movements doubly closely from now on.