The JSE has found Invicta Holdings in breach of listings requirements for the purchase of Invicta shares by subsidiary Humulani Marketing without the specific authority needed to do so. It said the repurchase of shares from directors was classified as a specific repurchase, for which shareholder approval by way of a special resolution should have been obtained. Invicta said earlier that the "reportable irregularity" had been unintentional. The group executive did not respond to queries on this matter on Tuesday. The Financial Mail, in a cover story on August 25, flagged the company’s "failure to come clean" over share buybacks by top executives. Invicta’s operating companies sell industrial and agricultural products in Africa. "Despite such repurchases having been effected through the order book operated by the JSE trading system, a prior understanding or arrangement between Humulani and the directors existed, contrary to the provisions of paragraph 5.72 (a) of the listings requirem...
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