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David Jones Limited (ASX:DJS) has released a tightened securities trading policy in the wake of two of its directors being accused of insider trading.
The department store retailer has outlined to the ASX what is considers to be insider information and the consequences of breaching the policy.
The clarification comes after the company announced in February its Chairman and the two directors involved in share purchases last year will step down.
The inappropriate share trading from the two directors was allegedly executed around the time DJs released an upbeat sales update and received a $900 million merger proposal from rival retailer Myer Holdings Limited (ASX:MYR) in October 2013.
David Jones has since backed a $2.15 billion takeover bid from South African retail group Woolworths launched earlier this month.
David Jones reported a net profit of $70.1 million in the 2013 financial year.
