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A2's millionaires still dumping stock

Myriam RobinColumnist

Aug 27, 2020 – 5.49pm

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Kiwi milk company (and ASX darling) A2 is near its historic highs, and you better believe a swag of insiders are locking in their paper gains.

From the ASX comes news of chairman David Hearn's Monday dumping of 250,000 shares through a broker facility. It's about a fifth of his total holdings, sold at $18.60 a pop (converted from New Zealand dollars), for a total gain of $4.6 million.

And because New Zealand's bourse makes companies disclose the equity holdings of far more than the board, we know he wasn't alone.

A billboard in Hong Kong advertising a2 infant formula.

Through presumably the same facility, newly returned chief Geoffrey Babidge dumped 100,000 shares, a quarter of his holdings, for $1.9 million. Which is more than the $1.6 million base pay he makes in a year heading up A2.

Lower down the ranks, massive disposals were the order of the day.

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A2MThe A2 Milk Company

$17.47 -3.05%

1 year1 day

Sep 19Dec 19Mar 20Jun 2011.0013.0015.0017.0019.00

Updated: Aug 28, 2020 – 4.13pm. Data is 20 mins delayed.

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A2's Asia-Pacific CEO Peter Nathan, credited as the man who drove A2's lucrative push into China, sold 750,00 of his 850,000 ordinary shares at various prices, for a total windfall of $13.8 million.

Growth and marketing exec Susan Massasso sold 474,356 of her 1,015,747 shares, for $10.5 million, out of which she spent $512,103 buying up some more. Meanwhile, HR and sustainability chief Lisa Burquest vested and immediately sold 9868 time-based share rights, which cost her nothing to exercise but which were sold for a total of $184,307.

At least chief operations officer Shareef Khan doesn't seem keen to flog every share not nailed down. He sold 200,000 shares (for $3.6 million), but also laid down $230,702 exercising 400,000 NZ63c options, ending up with twice as many shares as he started with.

And to think A2 listed at 56¢ five years ago. It's minted a few millionaires since.

Myriam Robin is a Rear Window columnist based in the Financial Review's Melbourne newsroom. Connect with Myriam on Twitter. Email Myriam at myriam.robin@copyright link