In this response the London Stock Exchange’s said that they would protect the investors interests.

This is the first letter (and second time) in which the Exchange misled the Investors about the nature of the valuation. They said that it was an independent valuation, but they did not reveal that they gave instructions on the parameters and that therefore it was a controlled valuation. This means that the Exchange’s statement was at variance with the truth.

It was a bare-faced lie.

They also said the very same untruth in their RNS dated
19 December 2003 which can be seen by using the buttons below:

This is the settlement offer as shown on the LSE’s own website.

This was our letter to Nick Bayley asking for an extension to the offer deadline.

This was Nick Bayley’s response to our letter of the 30 December 2003

In this letter, we complained to the Exchange about the valuation and their actions. They did not forward the complaint to the LSE Complaints Commissioner - as the FSA said they should have.

This is the crucial letter where the London Stock Exchange lied for the third time. On page 3 paragraph (iii) they state that the valuation of the offer was free from influence by the Exchange or the market makers. They then repeated this at the top of page 4.

Yet the LSE Complaints Commissioner’s report letter of 23 June 2005 page 5 para 5 says that the valuer was given instructions by the Exchange. To discount the effect of the open short positions on the price.

This means that the Exchange lied - the Exchange committed an offence under Section 397 of the Financial Services and Markets Act 2000. Not once but twice in the same letter.

As they acted dishonestly in concealing the valuation instructions from the victims of the Room Service market abuse and did not protect their interests, according to the Recognition Requirements, they acted in bad faith and under section 291 FSMA, they are liable for their acts.

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