August 15, 2018 / 2:16 PM / a year ago

UK engineer Cobham says Financial Conduct Authority drops probe

LONDON (Reuters) - Britain’s Cobham COB.L said that the Financial Conduct Authority (FCA) had dropped an investigation started last year into the aerospace and defence firm’s handling of inside information ahead of a rights issue announcement.

“The company has fully co-operated with this investigation throughout,” Cobham said in a statement on Wednesday. “The FCA has informed the company that it has decided to discontinue the investigation.”

Known for its air-to-air refuelling technology, the engineering company has been in recovery mode since a string of profit warnings forced it into the 500 million pound ($633 million) rights issue in 2017.

Shares in FTSE 250 company Cobham, which has this year been hit by additional costs to complete its work on Boeing’s troubled KC-46 aerial refuelling programme, traded up 0.7 percent to 126 pence after the news that the FCA had dropped its probe.

The FCA investigation had related to Cobham’s compliance with listing, disclosure and transparency rules and market abuse regulations between April 2016 and February 2017.

Reporting by Sarah Young; editing by Stephen Addison

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