Vodacom announced on Friday that its CEO, Shameel Joosub, acquired nearly R3,5m worth of the company’s shares this week at an average purchase price of R129,35/share.
News of the share purchase comes just days after Vodacom announced that Joosub had also been granted 95 482 new shares as part of the company’s incentive scheme.
Those shares, worth R12,5m at the current share price, are set to vest in three years’ time — provided Joosub meets a range of performance targets.
Vodacom requires its CEO to make “substantial investments in company shares to qualify for his co-investment share awards”, the company said in its 2014 annual report published earlier this month.
Joosub’s accrued termination benefits and long-term incentives awarded under the forfeitable share plan, as well as rewards received under a deferred bonus incentive scheme and his shares in YeboYethu, the company’s black empowerment vehicle, totalled R46,6m, according to the annual report.
In 2014, Joosub received a guaranteed package of just under R6,9m. He also received a short-term incentive of R6,1m. His total package for the year was R13m.
Since its listing in May 2009, Vodacom’s share price has added more than 130%, pushing its market capitalisation to nearly R200bn. — (c) 2014 NewsCentral Media