Fourways Mall. (Andrew Thompson)

Fourways Mall. (Andrew Thompson)

Michael Georgiou, a non-executive director at Fourways Mall co-owner Accelerate Property Fund, was forced into a R57-million share sale on the eve of a R200-million rights issue by a lender.

On 21 May, the last day to trade shares in order to participate in the rights offer, the group released a stock exchange news announcement that non-executive director, and former CEO, Georgiou, conducted an off-market disposal pursuant to a lending arrangement, selling 107 million shares, or about eight percentage points of his 29.13% stake.

The following day, Accelerate noted in another announcement that no clearance was required for this trade, as it “resulted from a funder exercising its security rights in terms of an existing lending agreement”.

South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we’re about to enter a new chapter of fearless journalism. Join our free subscription trial to unlock this story and a world of news aimed to inform, empower, and inspire.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *