Directors of Renergen Limited Dispose of Shares to Settle Tax Obligations

  • Renergen Limited directors, Marani and Mitchell, disposed of shares to settle tax obligations from option exercises.
  • Transactions occurred on February 19 and 21, 2024, with a net acquisition of over 38,000 shares each.
  • Compliance with JSE Listings Requirements was ensured, despite late notification due to a miscalculation by JIS.

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:

DirectorStefano MaraniNicolas Mitchell
Type of DirectorExecutiveExecutive
Type of SecuritiesOrdinary SharesOrdinary Shares
Nature of TransactionsDisposal of additional shares to settle tax obligationsDisposal of additional shares to settle tax obligations
Net Acquisition38,006 shares38,031 shares
Dates of Transactions19 February 2024, 21 February 202419 February 2024, 21 February 2024
Price Per Security (R)10.20 (19 Feb), 10.25 (21 Feb)10.20 (19 Feb), 10.25 (21 Feb)
Number of Securities Transacted5,010 (19 Feb), 300 (21 Feb)5,000 (19 Feb), 285 (21 Feb)
Total Rand Value of Securities TransactedR51,102.00 (19 Feb), R3,075.00 (21 Feb)R51,000.00 (19 Feb), R2,921.25 (21 Feb)
Interest in the TransactionsDirect, beneficialDirect, beneficial

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.

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