The JSE has censured high-profile businessman and former politician Matthews Phosa, for not timeously disclosing several share transactions in the Value Group.
Phosa has been a non-executive director of the company since 2010.
According to a Sens statement published on Wednesday morning, Phosa was involved in various trades of Value shares in August last year which were not cleared with Value’s chairman Carl Stein, or timeously announced on Sens as listing requirements prescribe.
Through these trades, Phosa sold 204 500 shares in the open market for just less than R700 000.
In the Value Group’s 2016 Integrated Report, shareholders are informed of these events. “Shareholders are advised that the company was unaware of Dr Mathews Phosa’s share dealings on the 6, 7 and 11 of August 2015. As soon as the company became aware of these share dealings on 8 February 2016, an announcement was prepared and released on Sens on 9 February 2016 highlighting the fact that clearance in terms of paragraph 3.66 of the JSE Listing Requirements was not obtained.
“Dr Phosa has acknowledged that he was fully responsible for this omission and letters were sent to the JSE by Dr Phosa in this regard.”
The JSE’s public censure follows this communication.