Casual-dining franchisor Famous Brands said
on Thursday that the JSE had determined the company had not breached any
rules regarding the sale of 150,000 shares by one of its directors in
August, but that the local bourse should have been informed earlier.
The company said the JSE should have been told in July that non-executive director John Halamandres had taken an option to settle a loan through a sale of share options, not in August when the transaction took place.
Halamandres had informed the finance institution in July that a loan agreement entered into in 2015 would be settled through shares, as opposed to cash. The JSE had then queried the timing of the transaction, given a related voluntary performance update close to the time.
"The JSE has advised the company that the date of the transaction as envisaged (as related to listing requirements) was July 17 2017 when the transaction was effected and not the date the actual transaction took place," the statement read.
At 10.04am Famous Brands’ share price was off 0.52% to R96, with the company having lost 38.66% so far this year.
Businesslive
The company said the JSE should have been told in July that non-executive director John Halamandres had taken an option to settle a loan through a sale of share options, not in August when the transaction took place.
Halamandres had informed the finance institution in July that a loan agreement entered into in 2015 would be settled through shares, as opposed to cash. The JSE had then queried the timing of the transaction, given a related voluntary performance update close to the time.
"The JSE has advised the company that the date of the transaction as envisaged (as related to listing requirements) was July 17 2017 when the transaction was effected and not the date the actual transaction took place," the statement read.
At 10.04am Famous Brands’ share price was off 0.52% to R96, with the company having lost 38.66% so far this year.
Businesslive
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