PPC CEO Roland van Wijnen, whose decision last week to sell more than R25m of his shares in the business sparked a four-day selling frenzy, has defended the move as driven by a desire to gain some liquidity while the foreign exchange market was favourable and not a sign of a brewing storm at the company.
PPC snapped a four-day losing streak that wiped out nearly a quarter of its market value in what analysts say was precipitated by significant stock sales by some of the company’s senior executives this past week...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.