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Cape Town - The JSE announced on Friday that it has imposed censure on Bhekokuhle Sibiya in his capacity as a director of Alviva Holdings [JSE:AVV].
Sibiya, in his capacity as a director of Alviva, was found by the JSE to be in breach of the JSE listings requirements.
These requirements state that any director who deals in securities relating to the issuer is required to disclose the information required in the JSE requirements to the issuer no later than three business days after dealing.
The issuer must in turn announce such information no later than 24 hours after receipt of the information from the director concerned.
A director may not deal in any securities relating to the issuer without first advising the chair - or more other appropriate directors designated for this purpose - in advance and receiving clearance from the chair or other designated directors.
A director may not deal in any securities relating to the issuer during a closed period as defined and at any time when he is in possession of unpublished price sensitive information in relation to those securities or otherwise where clearance to deal is not given in terms of paragraph.
On January 17 and 18 2017 and as announced on SENS on June 14 2017, Sibiya sold a total of 38 925 Alviva securities without the required clearance and in a closed period, which commenced on 1 January 2017 due to the pending publication of Alviva’s interim financial results ended December 31 2016.
He further failed to disclose the trades timeously.
The JSE has decided to impose a public censure against Sibiya in relation to these breaches of the Listings Requirements.
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