Execs and Lingotto snap up Sibanye-Stillwater’s shares

A sign board is seen near the Sibanye gold mine in Westonaria, west of Johannesburg, South Africa. File: Reuters

A sign board is seen near the Sibanye gold mine in Westonaria, west of Johannesburg, South Africa. File: Reuters

Published Dec 12, 2023

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The top management team at Sibanye-Stillwater continues to buy shares in the mining firm.

Sibanye’s board chairman, Vincent Maphai, yesterday snapped up R426 000 of shares, while Keith Rayner, an independent non-executive director, bought R109 095 worth of shares on behalf of his company, K A Rayner Presentations CC, wholly owned by Rayner, of which he is the single member.

Notably on Friday, the mining firm told its shareholders that Lingotto Investment Management, in aggregate, had acquired an interest resulting in 5.11% holding of the total issued shares of Sibanye-Stillwater and it had notified the Takeover Regulation Panel.

Lingotto is an investment management company owned by Exor, one of Europe's largest diversified holding companies.

On X, Marco Olevano, CFA (@MarcoOlevano) posted, “Another positive read for Sibanye on top of the recent directors dealings.

“#SSW Sibanye Stillwater (SSW) notified the market that Lingotto Investment Management, in aggregate, has acquired an interest resulting in 5.11% holding of the total issued shares of Sibanye-Stillwater.”

Simply Wall Street, which analyses listed companies, on November 1, posted that multiple insiders had secured a larger position in Sibanye Stillwater shares over the last 12 months.

“This is reassuring as this suggests that insiders have increased optimism about the company's prospects,” it said.

Multiple insiders secured a larger position in Sibanye Stillwater Limited (JSE:SSW) shares over the last 12 months. This is reassuring as this suggests that insiders have increased optimism about the company's prospects.

“While we would never suggest that investors should base their decisions solely on what the directors of a company have been doing, we do think it is perfectly logical to keep tabs on what insiders are doing.“

It said in the past twelve months, the biggest single purchase by an insider was when Froneman bought R9.9m worth of shares at a price of R36.31 per share.

“Over the last year, we can see that insiders have bought 499.58k shares worth R18m,” it added.

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