Crookes Brothers Limited has announced that an associate of one of its directors recently acquired a substantial number of shares through on-market purchases. The total value of the transactions amounts to R267,705, reflecting the associate’s confidence in the company’s future prospects.
The director in question is Mr. Timothy John Crookes, who serves as a Non-executive Director on the board of Crookes Brothers. The associate making the acquisitions is PJ Crookes And Son Proprietary Limited, where Mr. Crookes holds the position of sole director.
The transactions were disclosed in accordance with paragraph 3.63 to 3.74 of the JSE Limited Listings Requirements, which mandate the reporting of dealings in securities by company directors and their associates to ensure transparency and fairness in the market.
Details of the Share Acquisitions:
| Date of Transaction | Number of Shares | Price per Share (R) | Value of Transaction (R) |
|---|---|---|---|
| 19 July 2023 | 8,400 | 28.979 | 243,423.60 |
| 20 July 2023 | 852 | 28.50 | 24,282.00 |
Both transactions were classified as “on-market purchases,” indicating that the shares were bought through the open market, rather than through private transactions or other means. The shares acquired were ordinary shares, and the nature of the interest held by PJ Crookes And Son Proprietary Limited is categorized as “indirect beneficial.” It is essential to note that all transactions received clearance, meaning that they were conducted in compliance with the company’s internal policies and regulatory requirements.
The acquisition of shares by a director’s associate can be interpreted as a show of confidence in the company’s future performance. When insiders, such as directors and their associates, purchase company shares, it is often perceived by investors as a positive signal. Insider buying is generally seen as an indication that those closely associated with the company believe in its growth potential and expect the share price to rise.
Crookes Brothers Limited has been a significant player in the agricultural sector for over a century, and its commitment to providing quality produce to both local and international markets has contributed to its strong reputation. The company is involved in the cultivation and processing of various agricultural products, including sugar cane and bananas.
The announcement of the share acquisitions is expected to capture the attention of shareholders, potential investors, and industry analysts. While it is important to consider multiple factors when evaluating a company’s investment potential, insider buying can play a role in shaping investor sentiment and confidence in the company’s future trajectory.
As with any investment decision, investors are advised to conduct thorough research and seek professional financial advice before making any significant moves in the market. While insider buying can be a positive signal, it is essential to consider it alongside other fundamental and market-related factors impacting the company’s performance.
This website uses cookies.
