As WeBuyCars owner crashes almost 70%, company defends CEO's R50m share sale in Dec | Business

SA's biggest taxi financier Transaction Capital, whose shares have lost more than two thirds of their value over the past week, says a hefty share sale by a trust associated with CEO David Hurwitz was required by lenders, while it took place in an allowed period.

Hurwitz's family trust - the Dovie Trust - had sold the shares in Transaction Capital in mid-December, which has raised eyebrows given a massive slump in the group's share price this week. Transaction said on Wednesday there had been speculation in the press and direct queries from several shareholders, but the company confirmed the CEO followed the correct procedures. Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.

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Taxi industry woes put a spoke in the wheel of Transaction CapitalThe group’s stock plunged 40% as it increased the bad debt provision for SA Taxi by R1.8bn
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VEHICLE FINANCE: Transaction Capital, owner of WeBuyCars, tanks on news of taxi business restructuringTransaction Capital’s share price crashed by more than 40% on Tuesday after news of an aggressive restructuring of its taxi division and questions are now being asked about Transaction Capital CEO David Hurwitz's sale of shares worth R51-million late last year.
Fonte: dailymaverick - 🏆 3. / 84 Leggi di più »

Taxi industry woes put a spoke in the wheel of Transaction CapitalThe group’s stock plunged 40% as it increased the bad debt provision for SA Taxi by R1.8bn
Fonte: BDliveSA - 🏆 12. / 63 Leggi di più »