|
CVN
CVN
CVN - ConvergeNet Holdings Limited - Directors` dealing in securities
CONVERGENET HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/015580/06)
Share code: CVN ISIN: ZAE000102067
("ConvergeNet" or "the company")
DIRECTORS` DEALING IN SECURITIES
In compliance with rules 3.63 to 3.74 of the JSE Listings Requirements,
shareholders are advised of the trades by directors, as outlined below.
Background:
Shareholders attention is drawn to the fact that these trades are not normal
trades. These trades arose following the recent drop in the share price on low
volumes over the holiday season, combined with the recent 420% increase in
initial margin requirements imposed by the bank (from 8 cents to 27 cents) on
the single stock future following the market upheavals in the past three months,
which events are entirely unrelated to the company. The large increase in
margin, combined with the large recent variation in the margins requirement
resulted in a large margin call not being timeously met by two directors holding
single stock futures. This resulted in the forced close out in the directors`
positions.
Directors would like to emphasise that the above situation does not have any
impact on the business of ConvergeNet and is regarded as being a once-off
shareholder event. The directors are involved in ensuring that the shares are
placed with value-adding shareholders in an orderly manner. The company
continues to perform well and is on track to meet its objectives, as indicated
in the results for the financial year ended 31 August 2008, announced on 20
November 2008.
Details of trades:
Name of Director: S Swana
(Kabusha Technology Investments (Pty) Ltd)
Date of Transaction: 07 January 2009
Class of Securities: SSFs
Nature of Transaction: Sale
Number of SSF Contracts 160 140 SSF contracts representing
(representing 100 shares per SSF 16 014 000 shares
contract):
Price per SSF Contract: R26.00
Effective price per share: R0.26
Total value of transaction: R4 163 640
Nature of interest: Indirect beneficial
Extent of interest disposed of: 1.85%
Clearance given: Yes
Name of Director: SLL Peteni
(Morningtide Investment 86 (Pty) Ltd)
Date of Transaction: 07 January 2009
Class of Securities: SSFs
Nature of Transaction: Sale
Number of SSF Contracts 400 000 SSF contracts representing
(representing 100 shares per SSF 40 000 000 shares
contract):
Price per SSF Contract: R26.00
Effective price per share: R0.26
Total value of transaction: R10 400 000
Nature of interest: Indirect beneficial
Extent of interest disposed of: 4.62%
Clearance given: Yes
Johannesburg
07 January 2009
Designated Advisor
Arcay Moela Sponsors (Pty) Ltd
Date: 08/01/2009 09:05:26 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
