Sale signs go up
Stefanutti addresses liquidity issue
IT’S A NERVOUS MARKET these days – and consequently there are not too many transactions to mull this week. Still, it’s not easy to look past some of the rather large sales in this week’s table – even if you aren’t prone to paranoiac bouts when the global financial system creaks. In terms of sheer value and volume it’s the sale by a host of directors in building and construction specialist Stefanutti Stocks Holdings and Namibia-based diversified retailer Nictus that catches the eye.
In Stefanutti’s case the sales were part of an exercise to sell stock to local investment institutions to improve liquidity. Nevertheless, it’s a sale and punters can draw their own conclusions about whether shareholders should follow the example of directors and make their own donation to the company’s liquidity cause.
Chairman and co-founder Gino Stefanutti – who only a few weeks ago sold R17m worth of shares – cashed in R360m in this liquidity exercise: one of the bigger chunks of change brought to book in these tables over the years.
The fact that Stefanutti’s co-founder is looking so flush must have directors of several smaller and less fortunate construction