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”.
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