Redefine executive director apologizes to JSE

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Redefine Properties’ executive director Mike Ruttell apologized to the Johannesburg Stock Exchange (JSE) after publicly censured. Redefine Properties’ executive director Mike Ruttell apologized to the Johannesburg Stock Exchange (JSE) after publicly censured.

Redefine Properties’ executive director Mike Ruttell apologized to the Johannesburg Stock Exchange (JSE) after publicly censured on Thursday.

The company said the imposition of public censure against Mr Ruttell for an unintentional breach of the JSE’s listings requirements, was a sufficient sanction and it will not itself be taking any further action.

The exchange found Mr Ruttell to be in breach of paragraphs 3.65 and 3.66 of the JSE Listings Requirements, which require clearance from the company prior to trading of its securities.

According to the JSE, Mr Ruttell traded in Redefine shares in January last year and these trades were only revealed in a directors’ dealings statement in September.

The most recent directors’ dealings statement issued by Redefine via the JSE’s news service showed Ruttell buying R2.5m worth of shares in December.

The fund informed the JSE as soon as the error was discovered and assisted the JSE fully in its investigation, with formal apologies being provided to both the JSE and Redefine’s Board.

Redefine said it had conducted its own internal investigation into the matter and based on the outcomes of this process, says it will not be taking any further action against the director involved.


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