Cazenove ex-trader on insider charges

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Malcolm Calvert, known as Streaky, was charged with buying shares in six companies when he had inside information that they were about to be taken over or merged with other firms.

The companies were cidermaker HP Bulmer, Macdonald Hotels, Vernalis, building materials producer Johnston Group, biotech firm Vernalis, South Staffordshire and the RAC.

He traded in the businesses between April 2003 and March 2005, according to the charges.

Cazenove said Calvert left the company eight years ago. He is thought to have been the first trader to have been made partner at the blue-blooded brokerage.

He has pleaded not guilty and procedings were adjourned unitl 11 September. Calvert was remanded on conditional bail.

The full charge sheet

Mr Calvert has been charged with the following offences:

1. Between the 23rd day of April 2003 and the 26th day of April 2003, having inside information which related to a proposed takeover of HP Bulmer plc, acquired 110,000 ordinary shares in HP Bulmer plc.

2. On the 18th day of June 2003, having inside information which related to a proposed management buyout of Macdonald Hotels plc, acquired 100,000 ordinary shares in Macdonald Hotels plc.

3. On the 15th day of July 2003, having inside information which related to a proposed management buyout of Macdonald Hotels plc, acquired 10,000 ordinary shares in Macdonald Hotels plc.

4. On the 17th day of July 2003, having inside information which related to a proposed management buyout of Macdonald Hotels plc, acquired 5,000 ordinary shares in Macdonald Hotels plc.

5. On the 18th day of July 2003, having inside information which related to a proposed management buyout of Macdonald Hotels plc, acquired 5,000 ordinary shares in Macdonald Hotels plc.

6. On the 21st day of July 2003, having inside information which related to a proposed management buyout of Macdonald Hotels plc, acquired 5,000 ordinary shares in Macdonald Hotels plc.

7. On the 24th day of June 2003, having inside information which related to a proposed merger between Vernalis plc and British Biotech plc, acquired 30,000 ordinary shares in Vernalis plc.

8. On the 26th day of June 2003, having inside information which related to a proposed merger between Vernalis plc and British Biotech plc, acquired 40,000 ordinary shares in Vernalis plc.

9. On the 23rd day of August 2004, having inside information which related to a proposed takeover of Johnston Group plc, acquired 50,000 ordinary shares in Johnston Group plc.

10. On the 18th day of October 2004, having inside information which related to a proposed takeover of South Staffordshire plc, acquired 3,000 ordinary shares in South Staffordshire plc.

11. On the 18th day of October 2004, having inside information which related to a proposed takeover of South Staffordshire plc, acquired 27,500 ordinary shares in South Staffordshire plc.

12. On the 8th day of March 2005, having inside information which related to a proposed takeover of RAC plc, acquired 40,000 ordinary shares in RAC plc.