Truworths Executive’s Financial Strategy

  • Complex Financial Moves: Truworths' Director, Michael Samuel Mark, strategically handled a series of stock transactions.
  • Financial Planning Precision: Mark utilized options and shares to settle obligations, showcasing meticulous financial planning.
  • Transparent and Regulated Practices: Truworths' adherence to regulations and transparency is evident, earning trust from shareholders.

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 AwardedDate SoldShares/Options AwardedShares Sold
19 March 200906 September 2023269,881 shares130,119 shares
02 April 200803 October 2023380,000 shares220,000 shares
14 October 200812 October 2023375,534 shares174,466 shares
19 February 201017 October 2023135,414 options34,517 shares
29 September 202029 September 2023107,308 shares123,464 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.

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