Property Reporter
LISTED property loan stock giant Redefine said yesterday it welcomed the probe by the insider trading directorate of the Financial Services Board (FSB), saying that as far as it was concerned, there was "nothing unusual" about its trades during June and July this year.
Marc Wainer, a director of Redefine, said yesterday that the FSB had written to say it was investigating the buyers and sellers of shares during the June and July period.
Wainer said the high volumes of shares traded during the period could be due to the fact that Redefine was the "kind of share that trades in large volumes".
By the end of June, Redefine's share price had moved steadily upwards to near the 276c mark, but on the morning of July 3, the company announced it had bought the Standard Bank Centre on Cape Town's foreshore for R218m. On this news the share price moved up to 286c its highest level in three months.
But immediately after the market closed that day, Redefine issued a trading update in which it reported that it expected a "material reduction" in income from some of its listed entities for the quarter ended May.
The share plummeted the next day to 240c
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