Vodacom CEO plugs R3.5 million into shares

Vodacom CEO Shameel Joosub has spent R3.5 million to acquire 26,864 Vodacom shares at a price of R131.

This week, Vodacom announced through SENS that it would be allocating over 164,000 of forfeitable shares to top executives, tied to company performance over the next three years.

The shares are worth millions, and could see the Vodacom Group CEO taking home as much as R12.5 million in June 2017, under good performance conditions.

In terms of Vodacom’s long-term incentive plan, Joosub stands to be awarded additional performance shares with an on-target value of 50% of his guaranteed pay (R7 million).

However, this is on condition that he invests in Vodacom shares to the value of 50% of his set salary.

According to a SENS announcement on Friday (27 June), Joosub has now spent the required R3.5 million in acquiring a further 26,864 shares in the group.

In its latest annual report, Vodacom recorded that Joosub’s settled share options for the 2014 financial year totalled almost R12.9 million – a figure reported outside of his total salary of R12,98 million.

The estimated value of all Joosub’s unsettled share holdings (including restricted shares, bonus incentive schemes, and YeboYethu units) is valued at an estimated R46.6 million.

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Vodacom CEO plugs R3.5 million into shares