Bill Venter continues share sale

Johannesburg, 21 Feb 2008

Altron founder and chairman Bill Venter has made R32 million on the sale of 900 000 participating preference shares.

This is the third announcement of share sales the family patriarch has made since the beginning of the year.

Late in January, Venter announced he had sold 1.4 million Altron participating preference shares on the open market, for R54.78 million. Last week, he announced he had disposed of an additional 1.3 million Altron participating preference shares on the open market, for a total sale consideration of R46.8 million.

In total, Venter has disposed of four million Altron participating preference shares, grossing R134 million.

However, Venter and his son Robbie Venter - Altron's CE - said earlier this week that there was nothing ominous about the share sale.

"The shares sold by [Venter Snr] are part of a portfolio-balancing exercise. The shares sold are a small percentage of his total investment in the company. The share sales have not impacted on the group control structure, with the Venter family having a voting position of greater than 50% of the group."

Venter Snr noted that he continued to have the greatest confidence in SA and the Altron Group.