Bosses bank big time

DISCOVERY: EXECS, DIRECTORS SHARE SALES TOTAL A WHOPPING R99M

- Moneyweb

Executives and directors at financial services group Discovery Holdings sold shares totalling R99.15 million in a series of transactions between 30 September and 3 October.

The directors, aside from CEO Adrian Gore and CFO Deon Viljoen, include a number at major subsidiaries, including Discovery Health. Also on the list of a dozen are prescribed officer Hylton Kallner, CEO of Discovery Bank, and company secretary Ayanda Ceba.

The shares sold were granted and accepted in prior years under the group's long-term incentive plan and its BEE employee share trust.

These vested on 30 September, and shares granted to directors under the long-term plan vest in years one to three. For executive directors (Gore and Viljoen), these vest in years three to five following their grant. The volume-weighted average sale price per share was R198.55.