Blackpool release statement following launch of legal proceedings against owner Simon Sadler
Blackpool have released a statement after owner Simon Sadler appeared in court in Hong Kong to face allegations of insider trading.
Mr Sadler founded the hedge fund, Segantii Capital Management, in 2007 and is its chief investment officer.
Hong Kong’s Securities and Futures Commission (SFC), an independent regulatory body linked to the government, has started criminal proceedings against Segantii, Mr Sadler and former trader Daniel La Rocca.
Documents published by the SFC say it has "has commenced criminal proceedings against Segantii Capital Management Limited (Segantii), its director and chief investment officer Mr Simon Sadler, and former trader Mr Daniel La Rocca for the offence of insider dealing in the shares of a company listed on the Stock Exchange of Hong Kong Limited prior to a block trade in June 2017.
"No plea was taken when the defendants appeared at the Eastern Magistrates’ Court this morning and the case was adjourned to 12 June 2024."
Both men were released pending the next hearing on conditions including bail of $1m Hong Kong dollars for Mr Sadler. The SFC said no further comment would be made now that legal proceedings have commenced.
In a statement responding to the news, Blackpool FC wrote: “We have been made aware of a charge brought in Hong Kong against the club's owner Simon Sadler which is entirely unrelated to the club and its operations.
It will remain business as usual for our day-to-day operations. We understand that Mr Sadler will vigorously defend himself against the charge and there will be no further comments at this time from the club.”