Hancock acquitted
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FORMER Leyland Vehicles managing director Ron Hancock was discharged at London's Bow Street magistrates court last week on two summonses of illegal shares dealings.
Speaking after a day and a half of committal proceedings on Wednesday last week, magistrate Barrington Black said that Mr Hancock was a man of "impeccable character".
There was no need for the case to go to Crown court and Mr Hancock was to be discharged on both of the alleged insider share dealing sessions, he said.
Mr Hancock, who was Leyland's Australian managing director at the time, was accused of contravening the 1980 Companies Act when he purchased 20,000 deferred 5p Suter Electrical shares on January 8, 1981, and on January 15 when he sold them.
The Companies Act prohibits dealings in the shares of a company when the individual has price sensitive information.
The summonses stemmed from the sale of Prestcold Holding, BL's commercial refrigeration subsidiary, to Suter Electrical in January 1981.
The then managing director of BL Commercial Vehicles, David Abell, held a 17 per cent stake in Suter and left Leyland to run the new combine.