Share

FSB to probe Times Media

Johannesburg - The 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," Johannesburg Stock Exchange (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.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders