Large downgrades that occur just after key reporting deadlines have a habit of drawing attention.
Particularly when a CEO has millions riding on everything landing at just the right time. At miner and metal producer South32, few things can have engaged CEO Graham Kerr as much as a clear run to June 30.
That’s the date on which an unusually large volume of options he had been awarded at the 2020 AGM were due to be assessed against a share price hurdle – and if granted, vest at no cost.
The company ended the month seemingly well above Kerr’s shareholder return hurdles, an achievement that should deposit some 2.7 million free ordinary shares into his trading account, worth $8 million at current prices.
South32’s exquisitely timed downgrade (copyright link)
(20min delay)