Shameel Joosub, chief executive officer (CEO) of South Africa’s leading operator Vodacom, has purchased ZAR3,474,933 (US$328,000) worth of Vodacom shares, the company announced.
Vodacom said Joosub yesterday purchased 26,864 shares at a price per share of ZAR129.3528 (US$12), a week after he was allocated 95,482 forfeitable shares, with vesting dependent on performance requirements not detailed.
The performance based shares were awarded at a rate of ZAR131.0198 (US$12.37) per share, totalling an overall value of ZAR12,510,032.54 (US$1.18million), with the shares to vest in three years if the performance requirements are met.
In its integrated report for financial year ended March 31, 2014, Vodacom said Joosub held a total of 500,669 of Vodacom’s issued ordinary shares; with the current purchase adding to that figure.
Alongside Joosub’s performance-based shares, a further near ZAR9million (US$849,795) worth of shares were awarded to a number of Vodacom executives, including chief financial officer (CFO) Ivan Dittrich and chief technology officer (CTO) Andries Delport, with some performance-based segments and some non-performance related awards, all to vest in three years.
Vodacom has also announced this week ZAR922,751.97 (US$87,127) worth of forfeitable shares had vested and been sold to the group company secretary, while a further ZAR379,133.24 (US$35,798) vested and were sold to Vodacom South Africa’s company secretary.
