John Chegwidden, a director at Locafy Ltd, has made a significant move by acquiring 13,216 ordinary shares of the company. This acquisition was made as part of a settlement of accrued and unpaid director fees, reflecting a growing trend in the tech industry where directors are compensated with equity instead of cash.
The transaction, reported on October 5, 2026, indicates that the shares were issued at a deemed price of $2.43 each. Following this transaction, Chegwidden now holds a total of 31,124 shares in Locafy Ltd.
Background
Locafy Ltd, identified under the Central Index Key (CIK) 0001875547, operates within the services-computer programming sector. The company is based in Subiaco, Western Australia, and has been actively engaging in various filings to keep its stakeholders informed. Recently, it filed a Form 3 on March 30, 2026, and this latest Form 4 on October 5, 2026, continues to demonstrate its commitment to transparency.
What the Filing Says
"Represents ordinary shares issued by the Issuer to the Reporting Person in settlement of accrued and unpaid director fees, at a deemed issue price of $2.43 per share in lieu of cash payment."
This statement from the filing clarifies the nature of the transaction and highlights the board's approval of the share issuance. Such practices are becoming more common as companies seek to align the interests of directors with those of shareholders.
Impact
This acquisition may affect various stakeholders, including shareholders and potential investors, who are keen to understand how management compensation aligns with company performance. By compensating directors with shares, Locafy Ltd reinforces a culture of ownership that could lead to more strategic decision-making.
What's Next
The filing does not say what happens next.