05/09/2019 - 11:15

CEOs reap over $10m in performance windfalls

05/09/2019 - 11:15

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South32’s Graham Kerr, NRW Holdings’ Jules Pemberton and Saracen Mineral Holdings’ Raleigh Finlayson have received one-off benefits totalling $10.4 million, following the vesting of performance shares.

CEOs reap over $10m in performance windfalls
Graham Kerr disposed around $4.86 million worth of shares on the day the performance shares were vested.

South32’s Graham Kerr, NRW HoldingsJules Pemberton and Saracen Mineral HoldingsRaleigh Finlayson have received one-off benefits totalling $10.4 million, following the vesting of performance shares.

Mr Kerr gained the largest amount, receiving 3.27 million of ordinary shares following the vesting of rights on August 23.

The performance shares were allocated to Mr Kerr as part of South32’s equity incentive plan.

Shares in South32 closed at $2.46 on August 23, giving the performance shares a value of around $8.06 million.

Mr Kerr disposed around $4.86 million worth of shares on the same day, which South32 said was to cover tax liabilities.

The vesting of performance rights comes amid a weakening South32 share price.

Shares in the miner last closed at $2.68, down 21 per cent on its price of $3.39 one year ago.

NRW chief executive Jules Pemberton converted 625,000 performances rights into ordinary shares on August 30.

Shares in NRW closed at $2.42 on that day, giving the shares a value of around $1.5 million.

Mr Pemberton received the performance rights as part of a scheme related to NRW’s $85 million acquisition of the east coast-based Golding Group in 2017.

Saracen’s Raleigh Finlayson received 185,000 ordinary shares following the vesting of full-year 2017 performance rights on August 9, equating to around $857,000.

Mr Finlayson subsequently sold 1 million shares, worth $3.71 million, on September 1 to meet personal tax obligations following the vesting of the performance rights and other personal commitments.

He said he will also donate $100,000 from the share sale to the WA School of Mines Endowment Fund, which offers scholarships to students in mining courses.

Following the sale, he retains 3.2 million shares in Saracen and 2.5 million performance rights.

See more data on our directors interest page.

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