FSA clears Mayo in Marconi investigation
------------ PRESS STATEMENT BY FOX WILLIAMS ------------ 11 April 2003 FSA CLEARS MAYO IN MARCONI INVESTIGATION The FSA today issued a public statement clearing John Mayo of any involvement in Marconi Plc's contravention of the Listing Rules in July 2001. This finding exonerates John Mayo, former Deputy Chief Executive of Marconi Plc, for any delay in releasing price sensitive information to the market in July 2001. The FSA's investigation criticised Lord Simpson (the former Chief Executive) and Sir Roger Hurn (the former Chairman) for the delay, which led to a day-long suspension of Marconi's shares on 4 July 2001, following which the share price of Marconi halved. John Greager of Fox Williams said: "We are absolutely delighted that the truth has finally come out. Over the last two years, there has been a lot of spin and false allegations bandied around to discredit John personally and his actions as Deputy Chief Executive of Marconi. The FSA through its detailed investigation has uncovered the real facts behind the Marconi share price collapse in 2001 and paragraph 15 of the FSA report completely vindicates him." John Mayo commented: "I am pleased that the FSA have concluded their investigation and issued their public statement. I would like to thank my solicitors, Fox Williams, for the expert advice they have given me throughout this regulatory process." The End For further information contact: John Mayo Direct Tel: 020 7209 1770 John Greager, Fox Williams Direct Tel: 020 7614 2544 Gavin Foggo, Fox Williams Direct Tel: 020 7614 2543 Notes to Editors: * John Mayo was a Director at S.G. Warburg & Co. Ltd. until 1993; the Finance Director of Zeneca until September 1997; the Finance Director of GEC from October 1997 to December 1999; the Finance Director of Marconi from December 1999 to April 2001, and Deputy Chief Executive until July 2001. He now provides independent strategic financial advice to a range of corporate clients. * Fox Williams have been instructed by John Mayo since the day of his departure from Marconi in July 2001. * Fox Williams is an independent business law firm in the City of London. It serves a diverse client-base ranging from multi-national corporations, PLCs, private companies, financial institutions through to small businesses and individual entrepreneurs. The firm's key specialisms include corporate & commercial, employment, dispute resolution, property, commerce & technology and partnership. Operating as business partners with our clients, we have built a solid reputation for advising on complex legal and regulatory issues in our core areas of expertise. For more information about Fox Williams, please visit our website: www.foxwilliams.com ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/04/11/20030411BIT00870/wkr0001.doc http://www.waymaker.net/bitonline/2003/04/11/20030411BIT00870/wkr0002.doc Attachment http://www.waymaker.net/bitonline/2003/04/11/20030411BIT00870/wkr0003.doc Attachment http://www.waymaker.net/bitonline/2003/04/11/20030411BIT00870/wkr0004.pdf