The Financial Services Authority is to investigate the sale of stakes in Ultimate Leisure which were transacted within weeks of a profits warning. The pub group disclosed on April 13 that Tim Wynn, development director, had sold 100,000 shares at 308p. In addition the two brothers of chairman Allan Rankin sold most of their holdings over recent months. Bob Senior, chief executive, denied that Wynn or the Rankin brothers were aware that a profits warning would be issued when they sold their shares. He said there was no impropriety and promised to offer a fuller explanation this week. The Sunday Telegraph (Business) 08/05/05 page 2