Top South African exec quietly sells R15 million worth of shares

An Impala Platinum (Implats) executive, Johan Theron, has sold over 90,000 of the miner’s shares since 2021 for a total value of R15.20 million.

The mining giant said clearance for these dealings was not obtained in terms of the JSE’s Listing Requirements.

Theron currently serves as Implats’ group executive of corporate affairs. He has been with the company since 1996, when he joined as a technical manager.

Prior to joining Implats, Theron worked for Anglo Platinum for three years, where he served as a senior metallurgist.

Theron studied at the University of Pretoria, where he obtained an engineering degree in 1991.

Shortly after market close on Tuesday, 11 November, Implats released a SENS announcement informing shareholders of dealings by a prescribed officer, Theron.

In this announcement, the company listed six separate dealings Theron had made in the company’s shares since December 2021 up to 31 October 2024.

All of these dealings were on-market sales of Implats shares, ranging from a value as low as R610,000 per transaction to as high as R2.76 million.

After listing Theron’s dealings in the announcement, Implats added that “Clearance to deal was not obtained in terms of paragraph 3.66 of the JSE Listings Requirements”.

Paragraph 3.66 of the JSE’s Listings Requirements stipulates that a director may not deal in any securities relating to the issuer without first advising and receiving clearance from the chairman or another appropriate director.

While the JSE may waive this requirement in certain situations where the director has no discretion in the transaction, the bourse must be consulted first.

Implats did not include any other details or explanations in its announcement about Theron’s dealings.

 The table below shows the details of all of Theron’s dealings contained in Implats’ latest SENS announcement.