EU law stipulates that companies must reveal any information to potential investors that makes a material difference to the future value of the company in order to limit the potential for insider trading.
Although shares in parent company Arsenal Holdings plc are rarely traded, they are nevertheless listed on the NEX Exchange in London and subject to their regulations.
Arsene Wenger hinted publicly that a mutual decision had been reached – with the 67-year-old expected to sign a new two-year deal – when he announced in his post-match press conference on Saturday that, “I know what I will do in my future so you will soon know very soon.”
Arsene Wenger publicly admitted that he has made a decision over his Arsenal future
Wenger has come under increasing pressure in recent weeks to stand down
Investors therefore expected a rapid formal announcement to the exchange to clarify the position as there is just as much onus on the club to end speculation even if Wenger’s statement was not true.
NEX refused to reveal whether there had been any dialogue with the Arsenal board and were not willing to discuss the specific events concerned.
However, a spokesman said: “NEX would not want to comment on the actions of Arsenal Holdings plc but I am sure they are aware there is a disclosure obligation within the full set of directives that are identical to the London Stock Exchange and set by EU law. It falls to Arsenal to ensure that they comply with them.”
Arsenal fans display banners calling for Arsene Wenger's exit
Sat, March 18, 2017
Arsenal fans raised banners calling for Arsene Wenger's exit after the Gunners lost 3-1 to West Bromwich Albion
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Arsenal fans raised banners calling for Arsene Wenger's exit at The Hawthorns
Arsenal, whose chairman Sir Chips Keswick is a respected figure in financial circles with a number of non-executive directorships under his belt, are fully aware of the need for clarity to the exchange, reporting Wenger’s last contract extension in 2014 as soon as it was agreed.
A spokesman for the Arsenal board said: “We fully understand our commitment to the exchange and will fall in line with whatever is required.”
At the same time, it appears there is no rush to resolve the futures of Mesut Ozil and Alexis Sanchez after Wenger told BeIN Sports that contract talks have been put on hold till the summer.
If Arsenal have made a decision over Arsene Wenger's future they must reveal the information
In the meantime, Wenger has vowed to give his all for however long he remains at the club, insisting the job he is doing is a good one.
“At the moment we are going through a difficult period with results and we’re suffering a lot at the moment, but if you take a little bit of distance and put things in perspective we are two games in hand and we are in the semi-finals of the FA Cup against City,” he said.
“Our season will be decided will be how we respond to the difficult period we have.”