Dealing in securities
The Group observes closed trading periods from the end of the relevant accounting period to the announcement of the interim or year-end results and any period when the Company is trading under cautionary announcement, during which periods neither directors nor employees may deal, either directly or indirectly, in the shares of the Company or its listed subsidiaries.
Certain employees, by virtue of their positions or access to information, are also prohibited from trading during certain periods when they are in possession of unpublished price-sensitive information. The Morokotso Trust is only allowed to trade during closed periods in respect of shares vesting for good leavers. The trust is not a share incentive scheme in terms of the JSE Listings Requirements and the provisions of Schedule 14.9(d) do not apply to the trust.
All directors’ dealings require the prior approval of the chairman while the Group secretary retains records of all such dealings and approvals. As highlighted earlier, in May 2013 the board approved a formal policy regulating the trading of the Company’s shares and securities.