Publications
Partners
Famous Brands [JSE:FBR] non-executive director John Halamandres has disposed more than 500 000 ordinary shares, valued at almost R45m, in over five months to settle a loan.
Halamandres is a founding member of Famous Brands which owns food franchises Steers, Wimpy, Debonairs and Mugg & Bean. He retired from executive management in March 2001 and was subsequently appointed non-executive deputy chairman. He served in that position until May 2010.
According to a shareholder notice issued by Famous Brands on Friday, Halamandres disposed 200 000 shares on Monday, October 28. The transaction is worth approximately R15.87m – based on the market value of Famous Brands at the close of business on Monday. Famous Brands said the loan was with a financial institution.
As per the notice, the loan settlement is expected to take place on November 13, 2019. The value of the loan has not been provided.
At the end of May, Halamandres sold R12.3m in Famous Brands shares, and he sold another R16.6m in shares in July.
In total, the value of the three disposals come to R44.72m.
Earlier this week Famous released its half-year results on Monday. Famous Brands' headline earnings fell 15%, Fin24 previously reported.
Revenue of the company remained flat, mainly due to underperformance of its UK operations. CEO Darren Hele warned that he expects tough times in the UK, given uncertainties on Brexit.
Famous Brands share price opened at R78.79 on Friday morning and was trading 1.26% weaker at R77.81 by 15:34.
