JOHANNESBURG - Thungela Resources Limited, a South African mining company, disclosed that several of its top executives sold shares to cover personal tax obligations triggered by the vesting of conditional shares. The transactions were conducted in compliance with the JSE Listings Requirements, and clearance to deal was obtained.
The sales took place over three consecutive days, from Tuesday to Thursday of last week. The shares were granted under the company's 2021 Share Plan and Remuneration Policy, designed to align the interests of executives with those of shareholders.
Johannes Petrus Daniel van Schalkwyk, Chief Operations Officer, sold a total of 45,586 shares. Leslie Martin, Executive Head of Technical, disposed of 42,642 shares. Bernard Michael Dalton, Executive Head of Marketing, sold 40,562 shares. Lesego Elias Mataboge, Executive Head of Human Resources, parted with 31,997 shares. Nompumelelo Sithole, Executive Head of Corporate Affairs, sold 31,602 shares. Carina Venter, Executive Head of Safety, Health and Environment, sold 30,413 shares.
The sale prices varied across the days, with the highest price per share reaching R140.36 and the lowest at R133.30. The transactions resulted in substantial sums for each executive, with the total value of shares sold by the six executives exceeding R25 million.
These sales reflect a common practice whereby executives sell a portion of vested shares to satisfy tax liabilities. The transactions are often required by tax regulations and do not necessarily indicate a lack of confidence in the company's future prospects.
The information provided in this article is based on a press release statement from Thungela Resources Limited.
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