Summary
Targa Resources Corp. (TRGP) reported an event on March 25, 2020, concerning the involuntary sale of 160,000 shares of common stock owned by director Rene R. Joyce due to a margin call. This sale occurred on March 23, 2020, and highlights the potential for further involuntary sales given current market volatility, as Mr. Joyce still has a significant number of shares pledged against margin loans. While this event directly impacts Mr. Joyce's holdings, it is important for investors to note that no other directors or executive officers have pledged their common stock against margin loans.
Key Highlights
- 1Director Rene R. Joyce experienced an involuntary sale of 160,000 TRGP common shares due to a margin call.
- 2The sale was executed by Mr. Joyce's broker on March 23, 2020.
- 3Despite the sale, Mr. Joyce continues to beneficially own approximately 906,871 shares.
- 4A substantial portion of Mr. Joyce's remaining shares (795,642) are still pledged against margin loans.
- 5The company acknowledges the possibility of additional involuntary sales by Mr. Joyce's broker due to market volatility.
- 6No other directors or executive officers of Targa Resources have pledged their common stock against margin loans.