Cash­ing in on his true worth

Not ex­actly im­pec­ca­ble tim­ing for Mark

Finweek English Edition - - COMPANIES&MARKETS - MARC HASENFUSS march@finweek.co.za

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

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