MTN’s Chairman Phuthuma Nhleko, sold off almost all his shares in MTN Group worth USD8.8 million before handing over to Rob Shuter
This is bound to be a shocker to many and a non-surprise for few people who know the traditional of top executives any moment they want to take a back seat in any company where they have major interests.
According to Bloomberg’s information, Nhleko will also benefit from the termination of share options valued at 130 million rand, the Johannesburg-based company said in a statement after the market closed on Wednesday. He will return to his previous role as non-executive chairman when Shuter joins from Vodafone Group Plc on March 17.
MTN said in November 2015 Nhleko would retake the helm after CEO Sifiso Dabengwa resigned in the wake of a record $5.2 billion fine in Nigeria. The chairman led negotiations with the country’s authorities, eventually agreeing to pay about $1 billion and list the local unit on the country’s stock market. He also hired Shuter as his successor. As CEO for almost nine years until 2011, he transformed MTN from a small South African wireless carrier into a telecommunications giant with customers in 22 countries.
The chairman sold about 1.08 million shares at 113.86 rand each. He had just over 2 million shares at the end of 2015, according to MTN’s annual report.
See below the filings MTN released on the transactions:
SENS- Wednesday, 30 November 2016 |
MTN GROUP LIMITED – Dealings in securities by a director of MTN Group Limited |
MTN 201611300075A Dealings in securities by a director of MTN Group Limited MTN Group Limited DEALINGS IN SECURITIES BY A DIRECTOR OF MTN GROUP LIMITED In compliance with paragraphs 3.63 – 3.66 of the JSE Limited (‘JSE’) Listings Requirements (‘Listings Requirements’), Name: PF Nhleko Office held: Executive Chairman of MTN Group Limited Date of transaction: 30 November 2016 Nature of transaction: Sale Class of shares: MTN ordinary shares Sale price per share: R113.86 Number of shares: 1,079,506 Total value of shares: R 122,912,553.16 Nature of interest: Indirect beneficial In compliance with paragraphs 3.63 – 3.66 of the Listings Requirements, MTN refers to the announcement on the Stock Name: PF Nhleko Office held: Executive Chairman of MTN Group Limited Date of transaction: 30 November 2016 Nature of transaction: Termination of Collar on MTN ordinary shares Class of shares: Options over MTN ordinary shares Terminated Purchased Put Option Strike: R226.73 per share Terminated Sold Call Option Strike: R320.05 per share Number of contracts: 1 218 981 Beneficial Termination Value: R130,442,175.01 Nature of interest: Indirect beneficial Prior clearance to deal in these transactions was obtained in accordance with MTN`s policy with regard to directors’ Fairland |