Calgro M3 censured by JSE over cancelled share scheme
Calgro accepts the censure despite it taking action that was to its own detriment so as not to breach any debt covenants
05 November 2019 - 11:14
Property group Calgro M3, whose share price has lost almost three quarters of its value so far in 2019, has been publicly censured by the JSE for failing to alert shareholders regarding dealings with its directors.
Calgro announced in September 2018 that it had cancelled the executive share incentive scheme, which also entailed it buying back shares originally issued to directors. The company had failed to get shareholder approval, and failed to alert shareholders via the JSE’s news service (Sens), the JSE said in a statement...
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