Altron chairman and founder Dr Bill Venter has sold 1.4 million Altron participating preference shares on the open market.
Friday's sale, which represented 0.58% of Altron's total issued share capital, saw Venter grossing R54.78 million.
In an announcement yesterday, Altron noted the sale did not impact on the Venter family's control of the group. "The family's control of the Altron Group is maintained through the voting ordinary share structure," it explained.
The transaction was conducted in two parts and concluded at a sale price of R39.73 per share. The day before the sale, Altron's participating preference shares closed at R38, while its ordinary shares closed at R38.50.
Altron's shares closed yesterday at R36.20 and R38.90, respectively, following the announcement of the sale.
No statements were issued in relation to other Altron directors acquiring shares at the same time. The JSE requires companies to notify shareholders when directors acquire or dispose of shares.
The notice follows last week's announcement that the company's CFO Diana Radley had resigned in order to pursue opportunities with Old Mutual.
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