2025‑11‑11: Share‑Sale Activities of Thungela Resources Limited

On 11 November 2025, Thungela Resources Limited—listed on both the Johannesburg Stock Exchange (JSE) and the London Stock Exchange (LSE) under the ticker TGA—reported a series of share‑sale transactions undertaken by its company secretary, Tovi Ellis. The moves were triggered by the vesting of a portion of forfeitable share awards granted under the company’s 2021 Share Plan, and were executed to meet tax obligations.

Vesting of Forfeitable Shares

Under paragraphs 3.63 to 3.74 of the JSE Listings Requirements, forfeitable shares awarded to employees become fully vested after a specified period. In this case, one‑third of the forfeitable shares held by Tovi Ellis vested on 1 November 2024, in accordance with the company’s Remuneration Policy. The vesting created a sizable block of shares that could be sold on the open market.

Subsequent Share Sale by the Company Secretary

The company secretary exercised the right to sell the vested shares on the market. The transaction was announced on 11 November 2025, following the 10‑minute window that typically precedes a public announcement of a large sale. The sale was conducted via an on‑market transaction, meaning the shares were sold at prevailing market prices rather than through a private arrangement.

The primary objective of this sale was to cover tax liabilities. By liquidating a portion of the vested shares, the secretary was able to settle the tax obligations associated with the award. This is a common practice for executives and key employees who receive shares as part of their remuneration packages.

Market Impact

The sale was reported in several financial news outlets, including Investing.com (English and German versions) and Sharenet.co.za. While the press coverage was brief, the transaction did influence short‑term liquidity for the shares. According to American Banking News, the share price for TNGRF (the OTCMKTS ticker) experienced a modest 1.6 % increase during the trading session on 11 November, reaching a high of $4.8750 and closing at $4.85. The volume of shares traded jumped 330 % over the average daily volume, reflecting heightened activity likely tied to the news of the sale.

The company’s stock remains under the radar of investors focusing on thermal coal production, with its operations concentrated in the Mpumalanga province of South Africa. The sale by the secretary does not alter the company’s fundamental position but provides a short‑term liquidity boost that could influence market sentiment.

Implications for Investors

  1. Liquidity: The sale increases the number of shares available for trading, potentially improving liquidity.
  2. Tax Strategy: Executing the sale to cover tax obligations indicates prudent financial management of executive compensation.
  3. Price Volatility: While the immediate price movement was modest, the increased trading volume may signal a short‑term uptick in volatility for TGA/TNGRF.

Investors monitoring Thungela Resources should remain aware that such vesting and sale events are part of the normal governance of share‑based remuneration and are unlikely to have a material long‑term effect on the company’s valuation. However, they can provide a useful signal about the company’s internal financial strategies and the behaviour of its senior personnel.

Note: All information presented is drawn directly from the provided news items and company fundamentals. No external sources were consulted.