The JSE said yesterday it had imposed a censure and a R50 000 fine on Dipula Income Fund non-executive director Brian Azizollahoff, who had traded the company’s shares during a closed period.
“Azizollahoff was a seasoned director and served on the boards of multiple listed entities for about 30 years and is, therefore, well versed on the provisions of the listings requirements and the obligations placed on him in terms thereof,” the JSE said.
“The JSE finds it unacceptable that Mr Azizollahoff failed to comply with the listings requirements when he traded in the company’s securities because he required liquidity for his business,” the local bourse added.
Azizollahoff had traded in the shares on October 19, 2022, selling 28 116 securities to a value of R108 352.81.
This was during the company’s closed period prior to the publication of its annual results, which started from the financial year-end of August 31, 2022, and ended when the results were published on November 16, 2022.
“Furthermore, Mr. Azizollahoff failed to obtain clearance to trade prior to the dealings,” the JSE said.
In terms of JSE listing requirements, a director may not deal in securities of a listed company without first obtaining clearance. Directors may also not trade during a closed period.
“Directors have a duty to observe the restrictions and obligations stipulated in the listings requirements and failure to do so could result in unfair markets and a lack of investor protection and confidence,” the JSE said.
According to Dipula’s regulatory filings, Azizollahoff was re-elected as one of seven members on Dipula’s board at the annual general meeting on February 22, 2023. The only resolutions not passed at the meeting were the endorsement of the remuneration policy and the resolution on the remuneration implementation report.
BUSINESS REPORT