Truworths International Limited’s Executive Director, Michael Samuel Mark, has undertaken significant transactions involving the company’s securities, according to a notice released today. These dealings, detailed in compliance with the JSE Limited’s Listings Requirements, reveal a series of carefully orchestrated moves involving the exercise of options and subsequent share sales.
In a complex set of transactions, Mark exercised options resulting in an off-market purchase of the company’s ordinary shares at a strike price of R44.78. Simultaneously, he conducted an on-market sale, parting with 135,414 shares. The total selling price of these transactions amounted to an impressive R9,789,443.68. The shares were sold at an average price of R72.2927, with the highest trading price reported at R73.80 and the lowest at R71.50.
This recent activity follows a pattern of transactions initiated by Mark between 6 September 2023 and 17 October 2023. The options and shares, awarded between 2008 and 2010 through the company’s 1998 share scheme, were utilized to settle the purchase price or loans payable, in addition to clearing the tax obligations associated with vesting.
A detailed breakdown of the transactions is provided in the table below:
|Date Awarded||Date Sold||Shares/Options Awarded||Shares Sold|
|19 March 2009||06 September 2023||269,881 shares||130,119 shares|
|02 April 2008||03 October 2023||380,000 shares||220,000 shares|
|14 October 2008||12 October 2023||375,534 shares||174,466 shares|
|19 February 2010||17 October 2023||135,414 options||34,517 shares|
|29 September 2020||29 September 2023||107,308 shares||123,464 shares|
It is noteworthy that these sales were not intended for portfolio rebalancing; instead, they were specifically undertaken to settle financial obligations related to the vesting of shares. Importantly, no cash accrued to Mark through these transactions, indicating a strategic financial planning approach.
The announcement, made on 19 October 2023 in Cape Town, outlines that the sales were part of a series of carefully planned moves. Mark strategically retained a substantial number of shares, ensuring a balance between necessary liquidation and retaining a vested interest in the company’s future performance.