Avusa CEO cashes in R3-million of share incentives

CEO of media group Avusa Prakash Desai on Wednesday exercised R3.69-million worth of rolled-over share-based incentives granted in 2003 and 2004 by Johnnic Communications. This comes at a time when market speculation is rife that Desai is due to leave the company after long-running battles with majority shareholders and after the chairperson and two other board members unexpectedly quit on Monday.

The exercise price was R24 per share for 153 948 share based incentives.

Also on Wednesday, director Mike Robertson sold 5 000 Avusa ordinary shares to the value of R117 550.

Avusa had been mired in controversy in the last week, over the surprise resignation of its chairperson Advocate Dumisa Ntsebeza, who has been replaced temporarily by Mikki Xayiya from shareholder Mvelaphanda.

Director, Babalwa Ngonyama also resigned, as did long standing director Tom Wixley who said shareholders had interfered with board responsibilities.

“It is their company, I acknowledge that. But once a board has been put in place it must be allowed to run the company,” Wixley said at the group’s AGM on Monday.

At 17:20 Avusa’s shares were at R23, unchanged from its previous close on Tuesday.—I-Net Bridge


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