Cashing in on his true worth
Not exactly impeccable timing for Mark
NOT A LOT OF transactions in the directors’ dealings table this week, but there are a handful of rather large transactions that might warrant some market interest. The biggest involved Truworths International CEO Michael Mark cashing in R35m after selling off 500 000 shares at 6944c between 29 and 31 March. Not exactly impeccable timing for Mark, as Truworths’ share price had (at the time of writing) rushed through the 7400c level. So that’s about R2m left on the table…
Some punters might wonder why Mark is disposing of a chunk of shares after Truworths released some fairly good numbers for its half-year to end-December 2010. While readers will undoubtedly draw their own conclusions, Truworths took the trouble to explain Mark’s shares (290 978 held in terms of the company’s share incentive scheme and 209 022 held by his associate) were sold “for the purposes of portfolio re-balancing”.
Another large sale came courtesy Riaan Stassen, CEO of Capitec Bank, who let go of 185 000 shares at R160 in an off-market transaction to cash out a not insubstantial R30m. Unlike Truworths, Capitec didn’t have an explanatory note readily available. However, Finweek reckons Stassen has plenty more Capitec shares squirrelled away and we won’t begrudge the hardworking CEO a little bit of profit taking.
In another adventurous transaction that favours a higher risk asset class, property magnate Des de Beer sold Fortress A linked units to the value of around R12m and bought around R2m worth of Fortress B linked units. De Beer also bought around R18m worth of Resilient linked units.
Probably the most inspiring deal on the buy side was PSG chairman Jannie Mouton forking out R12m to snap up 500 000 Steinhoff International shares.
MICHAEL MARK Re-balancing his portfolio