The shares sold by David Hurwitz were disposed of on the market over three days for a total consideration just shy of R51m Moneyweb companynews TransactionCapital
Little over three months ago David Hurwitz, CEO of Transaction Capital, sold 42% of his nearly four million shares in the group. The 1.6 million shares were disposed of on the market over three days for a total consideration of R50.99 million. This was revealed in a rather innocuous announcement on 19 December, in the second-quietest trading week of the year. At the time, the group said the Dovie Trust had pledged these shares as security for portfolio debt from an institutional lender.
Hurwitz would surely have known in December already that trading in both the SA Taxi and WeBuyCars divisions was substantially below expectations? The entire board would’ve surely known this; conditions did not suddenly deteriorate in the first two months of this calendar year. The fact that once-off charges and likely impairments will see the overall group report a loss shows just how shocking Monday’s update was.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SA Taxi, WeBuyCars owner Transaction Capital crashes 40% | BusinessShares of SA's biggest taxi financier Transaction Capital, which also owns a majority stake in vehicle trader WeBuyCars, crashed 40% on Tuesday morning, a day after it warned shareholders that it expected interim earnings to fall by more than a fifth.
Read more »
Transaction Capital’s share price plummets 40%The company warns that the headwinds facing its taxi business model have become more structural
Read more »
Transaction Capital delights in WeBuyCars while SA Taxi strugglesGroup is confident the second-hand car dealer will grow annual earnings
Read more »
Transaction Capital plunges as it forecasts lossTransactionCapital has found itself in the wrong place at the wrong time — financing minibus taxis amid rocketing fuel prices and a stagnant South African economy. Moneyweb JSE
Read more »
Taxi industry woes put a spoke in the wheel of Transaction CapitalThe group’s stock plunged 40% as it increased the bad debt provision for SA Taxi by R1.8bn
Read more »
City Power restores 40% of customers after Roodepoort substation explodesCity Power technicians are gradually restoring electricity in Roodepoort following an outage caused by the explosion at the Peter Road substation on Sunday morning.
Read more »