Directors of Renergen Limited Dispose of Shares to Settle Tax Obligations

In a recent development, executives at Renergen Limited, a South African energy company, have made transactions to settle tax obligations resulting from the exercise of options. Stefano Marani and Nicolas Mitchell, both executive directors of Renergen, were involved in these transactions.

Details of the Transactions

The transactions, disclosed in accordance with the JSE Listings Requirements, involved the disposal of additional shares in order to settle tax obligations. These transactions were conducted on the open market. Here’s a breakdown of the transactions for each director:

Compliance and Clearance

The clearance for these transactions was obtained as per the regulations outlined in paragraph 3.66 of the JSE Listings Requirements.

Late Notification

It’s worth noting that the notification of these transactions came after the close of business on February 28, 2024. The delay was attributed to a miscalculation by JSE Investor Services Proprietary Limited (JIS), which subsequently led to further shares being sold to cover the tax shortfall.

Conclusion

These transactions represent the directors’ efforts to address tax obligations arising from the exercise of options. The company emphasizes its commitment to transparency by promptly disclosing these dealings in accordance with regulatory requirements.