Ascendis director forced to sell shares
Nonexecutive director, his spouse and his Gane Holdings company had to sell R13m worth of shares
An Ascendis Health director was last week forced to sell chunks of financed stock, further compounding the company’s share rout. The group’s shares have more than halved since Ascendis published annual results in late September and announced a new strategy that involves the sale of noncore assets. Some analysts are concerned that the company, which has grown through a series of acquisitions in SA and abroad, is overindebted and is still struggling to ignite organic growth. Ascendis said in a stock exchange filing late on Friday that nonexecutive director Gary Shayne, his spouse and his Gane Holdings company were forced sellers of about R13m worth of shares last week. Shayne is the majority beneficial owner and CEO of Coast2Coast Capital, Ascendis’ largest shareholder. Coast2Coast founded Ascendis in 2008 and listed it on the JSE in November 2013. The sales were “involuntary” as they were linked to equity finance transactions and margin calls were triggered. The lowest price obtained...
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