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

Make sense of your world

Subscribe to Mail & Guardian at R10/mth for the first three months. Cancel anytime.

Subscribers get access to all our best journalism, subscriber-only newsletters, events and a weekly cryptic crossword.

Zeenat Moorad
Zeenat Moorad works from Johannesburg, South Africa. Markets, finance&business. Mostly. Once editor, journalist, columnist-Financial Mail&Business Day,Views all my own, I’d follow me, Currently @Discovery_SA Zeenat Moorad has over 4602 followers on Twitter.

Related stories


Already a subscriber? Sign in here


Latest stories

Why lawyers argue the case for a Madlanga constitutional court

The brilliance of Justice Mbuyiseli Madlanga’s mind and his transformative judgments can prove salutary at a time when the judiciary is under populist attack, his peers hope.

Solidarity vs University of Free State in vaccine mandate court...

The union wants the court to decide whether the policy of enforcing vaccinations at UFS holds water.

Informal waste collection shouldn’t let plastic polluters off the hook

The image of plastic recycling as the solution to plastic pollution is perpetuated by statistics that highlight successes, which are communicated in tonnes and percentages that are difficult to visualise.

Millions of rand lost as SANDF returns unauthorised Cuban Covid-19...

Remedial action against officials suspected of wrongdoing must be taken, says the ministerial task team investigating the defence department

press releases

Loading latest Press Releases…