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SSK - Stefanutti Stocks Holdings Limited - Dealings in securities by directors

Release Date: 13/07/2011 07:30
Code(s): SSK
Wrap Text

SSK - Stefanutti Stocks Holdings Limited - Dealings in securities by directors of the company Stefanutti Stocks Holdings Limited (Registration number 1996/003767/06) Share code: SSK ISIN: ZAE000123766 ("Stefanutti Stocks" or "the group" or "the Company") DEALINGS IN SECURITIES BY DIRECTORS OF THE COMPANY The Board of Stefanutti Stocks has been cognizant of the lack of liquidity in the Company`s shares since listing but had always decided to retain this status in the initial years of listing. With the maturity of the stock over time, management has in recent years conveyed their intention to improve the stock liquidity in the market. Accordingly founding shareholder Gino Stefanutti, and certain other directors of Stefanutti Stocks` including Willie Meyburgh, Dermot Quinn, Bridgman Sithole and Joseph Fizelle (alternate to Bridgman) have today placed approximately 32,7 million Stefanutti Stocks shares with a major local institutional investor. Mr. Stefanutti`s role as an executive director of Stefanutti Stocks changed to that of non-executive, with effect from 1 March 2010, whilst Mr. Meyburgh and Mr. Quinn have been CEO and CFO, respectively, since the group`s listing in August 2007. Mr. Sithole has been a non-executive director since listing. "It is expected that this structured placement will go some way in addressing the issue of liquidity, whilst the shares sold by the executive directors of Stefanutti Stocks, represent only a small percentage of their entire shareholding", says Mr. Meyburgh. "We appreciate the vote of confidence from a major local institutional investor in the group, which at the same time assists us in our objective of improving liquidity in the stock." SHARE DEALINGS In compliance with paragraphs 3.63 - 3.74 of the Listings Requirements of the JSE Limited, the following information is disclosed: Name of director: Biagino Stefanutti - (Chairman) Date of transaction: 12 July 2011 Price per share: R12.20 Number of shares: 26 330 000 Total value: R321 226 000 Class of securities: Ordinary shares of 0.00025 cent each Nature of transaction: Sale of shares (off market transaction) Extent of interest: Direct beneficial Clearance was given Name of director: Bridgman Sithole - (Non-executive director) Date of transaction: 12 July 2011 Price per share: R12.20 Number of shares: 646 018 Total value: R7 881 420 Class of securities: Ordinary shares of 0.00025 cent each Nature of transaction: Sale of shares (off market transaction) Extent of interest: Indirect beneficial Clearance was given Name of director: Willem Meyburgh - (Chief Executive Officer) Date of transaction: 12 July 2011 Price per share: R12.20 Number of shares: 1 500 000 Total value: R18 300 000 Class of securities: Ordinary shares of 0.00025 cent each Nature of transaction: Sale of shares (off market transaction) Extent of interest: Indirect beneficial Clearance was given Name of director: Dermot Quinn - (Chief Financial Officer) Date of transaction: 12 July 2011 Price per share: R12.20 Number of shares: 350 000 Total value: R4 270 000 Class of securities: Ordinary shares of 0.00025 cent each Nature of transaction: Sale of shares (off market transaction) Extent of interest: Indirect beneficial Clearance was given Name of director: Joseph Fizelle - (Non-executive director - Alternate) Date of transaction: 12 July 2011 Price per share: R12.20 Number of shares: 203 540 Total value: R2 483 188 Class of securities: Ordinary shares of 0.00025 cent each Nature of transaction: Sale of shares (off market transaction) Extent of interest: Indirect beneficial Clearance was given 13 July 2011 Johannesburg Sponsor: Bridge Capital Advisors (Pty) Limited Date: 13/07/2011 07:30:01 Supplied by www.sharenet.co.za 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.

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