the g spot
Capitec’s Michiel le Roux hedging his bets
Capitec co-founder Michiel le Roux has raised eyebrows again after hedging a portion of his Capitec shares. But Capitec financial director André du Plessis says Le Roux has done nothing untoward
Capitec co-founder Michiel le Roux has raised eyebrows again after hedging a portion of his Capitec shares — effectively buying himself insurance against a downturn in the share price — just as Capitec issued a profit warning last month. The JSE is now looking into the trade, but Capitec financial director André du Plessis says Le Roux has done nothing untoward. We asked him about the sequence of events.
AdP: I don’t think we did anything wrong. What happened is that Michiel had a hedge transaction, which he did in 2017, and the hedge was rolled over. So he asked us for permission to do the hedge on May 4, which was two days after we released our results. There was nothing that Michiel knew that the market didn’t know either. We made it very clear during our results presentation that Covid-19 will affect Capitec as well as most other organisations...