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JOHANNESBURG - Thungela Resources Limited (JSE:TGA) (LSE:TGA) announced today that Company Secretary Tovi Ellis has sold 1,052 ordinary shares on the open market to settle tax obligations following the vesting of forfeitable shares.
According to a company statement, the transaction occurred on November 6, with shares sold at a volume weighted average price of R79.17 per share. The highest selling price reached R79.80, while the lowest was R77.57, resulting in a total transaction value of R83,286.84.
The shares sold represent one-third of the forfeitable share award granted to Ellis under Thungela's 2021 Share Plan on November 1, 2024. The remaining two-thirds of the award will vest in equal tranches in 2026 and 2027, subject to employment conditions being met.
Thungela confirmed that proper clearance for the transaction was obtained in accordance with JSE Listings Requirements. The unvested shares will remain in escrow until they vest according to the company's share plan rules.
The coal mining company, which is dual-listed on the Johannesburg Stock Exchange and London Stock Exchange, made the disclosure in compliance with JSE Listings Requirements regarding dealings in securities by company officials.
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