Levy brothers buy R75.5m in Blu Label shares
The joint-CEOs acquire 10 million company shares worth R73.5 million through the close-out of a contract for difference.
Brett and Mark Levy, joint-CEOs of Blu Label Unlimited, recently purchased 10 million shares in the company for R73.5 million through a contract for difference (CFD) transaction. The shares were delivered at R7.35 per share following the physical settlement of the CFD, which took place on 28 September. The Levy brothers, who are directors of BSC Technologies, an associated company, now have an indirect beneficial interest in the 10 million shares, with the acquisition being equally divided between them.
Blu Label asserts that this transaction does not alter the brothers' combined indirect beneficial interest in the company. Additionally, Dineo Simba, a director of Blu Label Distribution, a significant subsidiary of Blu Label, sold 135 611 shares on the open market on the same day. The shares were sold at a volume-weighted average price of R7.3192, resulting in proceeds of R992 564.03.
The minimum and maximum prices during the sale were R7.27 and R7.41, respectively. Clearance for both transactions was obtained in advance, in accordance with the JSE Listings Requirements.
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