He was also given a Rehabilitation Activity Requirement of 35 days and ordered to carry out 150 hours of unpaid work.

On 28 March 2024, Mr Bayes was found guilty of insider dealing following an 8-week trial at Southwark Crown Court in a prosecution brought by the Financial Conduct Authority (FCA).

Sentencing Mr Bayes, His Honour Judge Hopmeier, said:

‘You deliberately and dishonestly probed for information on when the takeover would be and exploited that information for your own financial gain.’

The FCA has commenced confiscation proceedings against Mr Bayes, with a hearing listed for 4 October 2024.