The flurry of directors’ dealing notices has become a festive season tradition, with details released while South Africans are on holiday, not paying attention to Sens
A South African Christmas holiday season tradition is a
flurry of directors’ dealing notices while many people are on holiday
and few are paying attention to Sens.
This year’s notices include Naspers nonexecutive director Steve Pacak, who cashed in R55.38m by selling 27,875 shares awarded to him in 2007.
The shares were allotted to Pacak at R175 per share, and Naspers’s steep appreciation over the past nine years enabled him to get a weighted price of R1,987 per share.
Pacak made a gross profit of R50.51m which will be subject to taxation.
Of his 60,000 options to buy Naspers shares at R175 each, Pacak retained 32,125 for which he paid R5.62m.
This year’s notices include Naspers nonexecutive director Steve Pacak, who cashed in R55.38m by selling 27,875 shares awarded to him in 2007.
The shares were allotted to Pacak at R175 per share, and Naspers’s steep appreciation over the past nine years enabled him to get a weighted price of R1,987 per share.
Pacak made a gross profit of R50.51m which will be subject to taxation.
Of his 60,000 options to buy Naspers shares at R175 each, Pacak retained 32,125 for which he paid R5.62m.
The shares were granted to Pacak through the company’s MIH share trust where the options have been vesting since 2010.
Pacak’s sale of shares is the second in December with him having sold 7,000 shares for R15.4m earlier in the month.
In the days leading up to Christmas and New Year, Pacak was not the only one cashing in for some last-minute shopping.
Earlier
in the week, Sibanye Gold CEO Neal Froneman sold about R11.6m worth of
Sibanye Gold shares to cover a tax liability on his vested bonus and
performance shares.
He also purchased about 640,000 performance shares for R15.6m. He will be able to sell some of these after nine months.
Sibanye
awarded the performance shares to Froneman on him having achieved
certain company targets, with bonus shares being part of his annual
bonus.
The founder and former CE of FirstRand and Rand Merchant
Bank (RMB), Paul Harris, took a European put option on 12-million shares
for R468m and a call option on 8.4-million shares worth R458m in Rand
Merchant Investments (RMI).
Harris’s hedging strategies, which
would expire at the end of September 2020, formed part of his portfolio
diversification strategy, the company said.
This strategy had to
be postponed until an embargo was lifted on the trading of RMI shares
after the acquisition of a 29.9% stake in UK-based short-term insurer
Hastings Group Holdings.
Hastings is a digital general insurance
provider that primarily serves the British motor market. It has a 6.4%
share of the private car insurance market.
No comments:
Post a Comment