Here is the Age / The Australian...

Here is the Age / The Australian article




http://www.theaustralian.news.com.au/business/story/0,28124,24632225-36418,00.html


NAB Board defends Fahour's $3.2m share sale

Richard Gluyas | November 11, 2008
Article from: The Australian

NAB has defended executive director Ahmed Fahour's $3.2 million share sale a week before yesterday's discounted capital raising.

Mr Fahour's sale on November 3 of 130,000 NAB shares at $24.78 each, for tax reasons, is understood to have taken place in a board-approved, two-day trading window, following the release of the bank's annual profit result on October 21.

"It went through the normal clearance process involving the chairman, the chief executive and the company secretary," NAB deputy CEO and executive director Michael Ullmer said.

Details of the trade emerged last Wednesday, with Mr Fahour retaining 518,208 shares, as well as 1.09 million executive share options and 182,063 performance rights.

The NAB chief left most of the commentary on the issue yesterday to Mr Ullmer, other than to say he did not participate in the institutional placement and had missed the opportunity to subscribe for shares at the discounted price.

Mr Fahour, who is also NAB CEO Australia, was one of the leading internal contenders to succeed John Stewart as CEO but lost out to Cameron Clyne.

Asked yesterday if he had re-committed to the bank, he noted yesterday he had been "engaged and energised" at the results announcement.