Times Media Group (TMG) is under investigation for allegedly trading during a closed period, when directors are not allowed to trade in shares, Business Report reported on Monday.
“We are aware of this matter and are investigating accordingly,” JSE head of investigations Eure Saaiman was quoted as saying.
The JSE and the Financial Services Board (FSB) were probing how Caxton liquidated its stake in TMG by selling its remaining shares to private equity firm Blackstar during a closed period.
A closed period is the time before a financial report is released to the public. The closed period is one month before the release of the report and during that time insiders, including all directors of the company, directors of subsidiaries and secretaries, are not allowed to trade in shares.
Blackstar was founded by TMG CEO Andrew Bonamour.
Bonamour told the newspaper the JSE merely wanted clarification on the share transaction and that the matter was closed. He added that the FSB was looking into “trades” at TMG. — Sapa