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.
| Name | Position | Number of Shares Sold | Total Selling Price (in Rands) |
|---|---|---|---|
| Michael Samuel Mark | Executive Director | 487,308 | 36,532,401.50 |
| Sarah Jane Proudfoot | Executive Director | 89,481 | 6,811,107.00 |
| Christopher Durham | Company Secretary | 16,216 | 1,244,343.00 |
| Myles Stafford Apsey | Executive Director | 26,118 | 2,004,178.00 |
| Jean Bruno Francois Baissac | Executive Director | 50,137 | 3,847,288.00 |
| Gary Lewnser Barnard | Executive Director | 38,186 | 2,930,222.00 |
| Sean Christopher Furlong | Executive Director | 90,888 | 6,974,336.00 |
| Sharon Lynette Malander | Executive Director | 23,579 | 1,809,346.00 |
| Zamira Mowzer | Executive Director | 23,571 | 1,808,732.00 |
| Peter Sven Shackleton | Executive Director | 26,118 | 2,004,178.00 |
| Gavin John Teixeira | Executive Director | 35,008 | 2,686,356.00 |
Total Shares Sold:
806,830Total 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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