Saltzman sons sell R640m in Dis-Chem shares

Dis-Chem, Green Valley in Greenstone, 18 October 2022. Picture: Neil McCartney / The Citizen Two sons of Dis-Chem founder Ivan Saltzman, Mark and Dan, have sold a total of R640 million in shares in the pharmacy group in what were almost identical transactions across January and February. This follows a decision in June by Ivan to gift a 25% stake in the retailer to the two sons.

At the closing price at the time, the 217 million shares were worth R6.8 billion. These were previously held by one of the founders’ investment vehicles, Ivlyn Holdings. “This restructuring involves the distribution 217 125 386 ordinary shares.” This was the bulk of their holding of 252 million shares.

Before that transaction,Ivan and co-founder Lynette Saltzmanindirectly held 252 million shares in the group, equal to 29.31%. Post the deal, thetwo sons would each own a 12.62% stake in the company. Previously, neither held shares.

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The shares were disposed of by the sons in 22 transactions each over the past two months, in a range of between R35.68 and R37.57. The largest transactions were the sale of 275 000 shares for R36, at a value of R99 million by each of the brothers on 9 January. In June, Dis-Chem stressed that all distributed shares from the Ivlyn vehicle “will remain within the Saltzman family, thereby continuing current family ownership”.

This disposal concerns 17.64 million shares, and will see the family’s stake decrease further. Neither Mark nor Dan have been involved in the business and not much is known about the latter (Mark is a commercial lawyer having founded Saltzman Attorneys & Notaries in 2006).

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