DCC shares slip as ISEQ flounders

A robust response by food group DCC to doubts over its backing of chief executive Jim Flavin failed to stave off negative effects in this morning's trading.

As the headline figure stumbled downwards shedding 73.93 points to 6,386.521 DCC saw 13c wiped off its stock value to stand at €13.67 by 11.30am.

DCC defended its decision to unanimously reaffirm Jim Flavin in his role as executive chairman following an investigation into the use of trading reports in the sale of its stake in Fyffes fruit and vegetable distributor for €106m in early 2000.

Last year, the Supreme Court found that DCC and Mr Flavin had inside information on Fyffes when it made the sale overturning a High Court decision that it did not.

Today DCC has cited the High Court finding that the share dealings in February 2000 did not involve "the use or exploitation" by Mr Flavin of the price sensitive information in its defence of its executive claiming that this finding was not overturned by the Supreme Court.

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