Renergen Limited announced today that Khalid Patel, an executive director of its major subsidiary Tetra4 (Pty) Limited, has exercised options and disposed of shares to fulfil tax obligations arising from the exercise. The company has provided comprehensive details of the transactions, as required by the JSE Listings Requirements.
On July 4, 2023, Patel exercised 11,474 options under the Renergen Bonus Share Plan. Each option was exercised at a strike price of R13.54, resulting in Patel acquiring an equivalent number of ordinary shares. The total value of this transaction, based on the closing share price of R22.30 on July 4, 2023, amounted to R255,870.20. Patel’s participation in this transaction was deemed direct and beneficial.
Following the exercise of options, Patel proceeded to dispose of 4,762 shares on the same day, July 4, 2023. The shares were sold at a price of R22.50 each in an on-market transaction. The purpose of this sale was to settle the tax obligations associated with the exercised options. As a result of the disposal, Patel’s net acquisition amounted to 6,712 shares. The total value of the securities transacted in this on-market sale reached R107,145.00. Patel’s interest in this particular transaction was classified as direct and beneficial.
Renergen obtained the necessary clearance for these share dealings in compliance with paragraph 3.66 of the JSE Listings Requirements, ensuring adherence to the regulatory framework.
The exercise of options and subsequent share disposal by Khalid Patel highlights his active participation in the Renergen Bonus Share Plan and his commitment to fulfilling tax obligations related to these transactions. These actions serve to align the director’s interests with the company’s objectives, while also showcasing Renergen’s dedication to strong corporate governance and transparency.