MTN execs get big payload
MTN executives have been awarded millions of rands in shares in terms of the MTN’s performance share plan.
317,200 shares valued at over R56 million (taken at a market price of R178.02) were paid out to executives from MTN Group, MTN SA and MTN Nigeria.
The shares have a vesting period of three years from the award date and are all subject to the performance conditions of each executive.
MTN confirmed to the JSE that the shares used for allocation will be purchased on the market in “due course”.
MTN’s annual performance share plan is implemented “to retain and recognise the contributions of eligible employees by providing additional incentive to contribute to MTN Group’s continued growth”.
At 15h30 on 2 January 2013, MTN’s shares were trading slightly lower than the price taken for executives – hitting R176.20 on the JSE.
Here are the executive payouts:
| Executive | Company | Shares | Value |
| Sifiso Dabengwa | MTN Group CEO | 94 600 | R16,836,926.76 |
| Nazir Patel | MTN Group CFO | 48 500 | R8,638,009.50 |
| Jyoti Desai | MTN Nigeria CIO | 41 400 | R7,366,106.17 |
| Karel Pienaar | MTN SA MD | 33 000 | R5,873,180.01 |
| Paul Norman | MTN Group HR, CA officer | 30 600 | R5,450,402.51 |
| Brett Goschen | MTN Nigeria CEO | 26 500 | R4,711,794.99 |
| Zunaid Bulbulia | MTN SA CFO | 15 500 | R2,762,282.00 |
| Andrew Bing | MTN Nigeria CFO | 14 900 | R2,646,749.04 |
| Bongi Mtshali | MTN Group secretary | 6 400 | R1,142,638.87 |
| Lucy Mokoka | MTN SA secretary | 5 800 | R1,037,520.00 |
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