Truworths Execs: Major Stock Moves

  • Executive Sell-Off: Truworths International's top executives, including Michael Mark and Sarah Proudfoot, sold over 800,000 shares, raising R60.86 million.
  • Compliance and Strategy: Transactions adhered to JSE regulations, involving share scheme vesting and tax obligations, enabling portfolio balancing for participants.
  • Market Impact: Analysts closely monitor Truworths' stock response, speculating on how these sales might influence the company's future direction.

In a series of significant market movements, Truworths International Limited saw several executive directors and the company secretary parting ways with substantial portions of the company’s shares. The sales were executed on-market on September 29, 2023, with some transactions continuing into early October, marking a noteworthy development in the company’s financial landscape.

NamePositionNumber of Shares SoldTotal Selling Price (in Rands)
Michael Samuel MarkExecutive Director487,30836,532,401.50
Sarah Jane ProudfootExecutive Director89,4816,811,107.00
Christopher DurhamCompany Secretary16,2161,244,343.00
Myles Stafford ApseyExecutive Director26,1182,004,178.00
Jean Bruno Francois BaissacExecutive Director50,1373,847,288.00
Gary Lewnser BarnardExecutive Director38,1862,930,222.00
Sean Christopher FurlongExecutive Director90,8886,974,336.00
Sharon Lynette MalanderExecutive Director23,5791,809,346.00
Zamira MowzerExecutive Director23,5711,808,732.00
Peter Sven ShackletonExecutive Director26,1182,004,178.00
Gavin John TeixeiraExecutive Director35,0082,686,356.00

Total Shares Sold: 806,830

Total Proceeds: R60,861,489.50

The transactions, involving executive directors and the company secretary, were in compliance with the Listings Requirements of the JSE Limited. These sales encompassed a total of 806,830 shares, fetching an impressive sum of R60,861,489.50.

Michael Samuel Mark, an Executive Director at Truworths International Limited, led the pack with a substantial sale of 487,308 shares, totalling R36,532,401.50. Sarah Jane Proudfoot, another Executive Director, followed suit by parting with 89,481 shares, amassing R6,811,107.00. These transactions were facilitated to settle tax obligations or loan repayments, thereby allowing the participants to retain the remaining vested shares or rebalance their investment portfolios.

The Company Secretary, Christopher Durham, also participated in this wave of sales, offloading 16,216 shares for a total of R1,244,343.00. Other executive directors of Truworths Limited, a major subsidiary of the company, were equally active in the market, collectively selling shares worth millions of Rands.

Truworths International Limited, listed on the JSE and A2X under the code “TRU” and on the NSX under the code “TRW,” witnessed a surge in market activity following these transactions. Analysts are closely monitoring the impact of these sales on the company’s stock prices and its strategic direction in the coming months.

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