looks like i was very mistaken when i mentioned Mark Sumich sold his shares for tax purposes, as i was living in the past. Mark Sumich ceased receiving share based payments at 30 June 2010
interesting, in 2010, Mark paid himself $1,027,985, comprised of $300,135 in salary, and $727,850 in performance shares, $593,850 in performance shares & $134,000 in options. the options were exercised for 15 cents each on 18 March 2011. i am not sure of the tax implications of the performance shares, given they all have or will expire. but they seemed to have a "vesting date" when they were issued. therefore they could have been taxable in the 2010 year. Mark Sumich did not sell any shares before recently so I am not sure how he paid a possible $328k tax bill.
last week, Mark Sumich sold $651,712 in shares.
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of Mark's remaining holdings, it seems:
7,500,000 of the Class A-F performance shares probably will expire because the share price must be from 60 cents to $1.20 by 30 June 2013.
500,000 of the Class A-F performance shares required Mark to be employed at 30 June 2013.
2,000,000 of the Class A-F performance shares require acquisition transaction with a value of at least A$15 million, or completes the Kanyika DFS on or before 30 June 2014 providing the Managing Director is still employed at that date.
2,140,000 unquoted Class B performance shares will expire because production must commence before 30 June 2014 for them to vest & this will not occur.
672,500 are ordinary shares
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so Mark Summich sold most of his shareholdings, i.e., 4,827,500 shares
it seems Mark Sumich may have also sold 2,500,000 shares on 5 April 2012 but labelled it "off market transfer" on the form. this is confusing
worse, the 4,827,500 shares were sold into a graphite announcement
oh dear
GBE Price at posting:
11.5¢ Sentiment: None Disclosure: Not Held
