Argent Industrial Limited (“Argent”), a South African company listed on the Johannesburg Stock Exchange (JSE) under the share code ART, recently disclosed a transaction involving the sale of shares by an associate of one of its executive directors.
According to the announcement made in compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the dealing in securities occurred on 17 July 2023. The director involved in this transaction is T R Hendry, who holds an executive position at Argent.
The transaction involved the sale of one ordinary share by Chop Trust, an entity associated with T R Hendry, where the director serves as a trustee. The price per share for this on-market transaction was R16.50, resulting in a total transaction value of R16.50.
| NAME OF DIRECTOR | COMPANY OF WHICH A DIRECTOR | STATUS: EXECUTIVE/NON-EXECUTIVE | TYPE AND CLASS OF SECURITIES | NATURE OF TRANSACTION | DATE OF TRANSACTION | PRICE PER SECURITY | NUMBER OF SECURITIES TRANSACTED | TOTAL RAND VALUE OF SECURITIES TRANSACTED | NATURE AND EXTENT OF INTEREST IN THE TRANSACTION | NAME OF ASSOCIATE | RELATIONSHIP WITH DIRECTOR |
|---|---|---|---|---|---|---|---|---|---|---|---|
| T R Hendry | Argent | Executive director | Ordinary shares | Sale of share | 17 July 2023 | R16.50 | 1 | R16.50 | Indirect, beneficial | Chop Trust | Trustee |
It is essential to highlight that the clearance for this transaction was obtained in accordance with paragraph 3.66 of the JSE Limited Listings Requirements. This clearance indicates that all necessary approvals and permissions were obtained before the sale was executed, ensuring compliance with regulatory standards.
Transactions involving company insiders, such as directors and their associates, are subject to strict regulatory oversight to prevent insider trading and maintain market integrity. The JSE Limited Listings Requirements mandate the timely disclosure of such dealings, allowing investors and market participants to have transparent access to relevant information.
Market analysts often keep a close eye on insider transactions, as they can provide insights into the sentiment and confidence of key individuals within a company. However, it is crucial to note that such transactions do not necessarily indicate the company’s future performance or prospects.
