Retail

Truworths directors sell shares worth R69 million 

Truworths informed shareholders today that 11 of the company’s directors had sold 906,610 shares worth R68.65 million.

According to a SENS announcement, the directors consisted of Truworths executive directors, the company secretary, and executive directors of a major subsidiary.

Truworths owns brands such as Uzzi, Identity, Daniel Hechter, and Naartjie.

The company said all the transactions for which the prescribed clearance was given involved the sale of the Truworths’ ordinary shares, in which the participants transacting have a 100% direct and beneficial interest.

These sales were executed on-market between 29 September and 3 October this year.

Truworths said the transactions relate to shares that vested on the respective dates and were held in terms of the company’s share schemes. 

The shares were sold at a volume-weighted average selling price of R76.7355 – high R76.75; low R76.50.

“The sales were undertaken to settle the tax due or loan repayable on vesting to enable the balance of the shares vested to be retained by participants or otherwise, to rebalance the investment portfolios of the participants,” TFG said.

Truworths CEO Michael Samuel Mark sold the highest number of shares – 487,308 – for a total selling price of R36.53 million.

Truworths released its results for the year ended 2 July 2023 on 31 August, which revealed solid results.

The retailer posted a 12% rise in headline earnings per share and said its sales for the year were up by 11.2% to R19.9 billion.

However, the company said its operating margin was slightly below the previous year at 24%.

Truworths shares sold by directors

NameNumber of shares soldTotal selling price
Michael Samuel Mark107,308R8,234,333
Michael Samuel Mark380,000R28,298,068
Sarah Jane Proudfoot52,767R4,049,102
Sarah Jane Proudfoot36,714R2,762,005
Christopher Durham16,216R1,244,343
Myles Stafford Apsey26,118R2,004,178
Jean Bruno Francois Baissac50,137R3,847,288
Gary Lewnser Barnard38,186R2,930,222
Sean Christopher Furlong90,888R6,974,336
Sharon Lynette Malander23,579R1,809,346
Zamira Mowzer23,571R1,808,732
Peter Sven Shackleton26,118R2,004,178
Gavin John Teixeira35,008R2,686,356
Total906,610R68,652,487

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