{"id":274299,"date":"2018-09-28T13:39:23","date_gmt":"2018-09-28T11:39:23","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=274299"},"modified":"2018-09-28T13:39:23","modified_gmt":"2018-09-28T11:39:23","slug":"blue-labels-levy-brothers-score-r48-million-payday","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/274299\/blue-labels-levy-brothers-score-r48-million-payday\/","title":{"rendered":"Blue Label’s Levy brothers score R48 million payday"},"content":{"rendered":"

Blue Label Telecoms has published its annual report for 2018, showing how much its chief executive officers were paid.<\/p>\n

Blue Label joint-CEOs Mark and Brett Levy were paid a combined R48 million – taking home just under R24 million each.<\/p>\n

The salaries comprise a basic salary of R8.5 million, and share scheme payouts of R1 million, R3.1 million and R10 million each. The joint-CEOs also received dividends of R317,000 and a short-term incentive bonus of R7.8 million.<\/p>\n

However, of this payout, R8 million still needs to be settled in terms of a restraint of trade award agreement.<\/p>\n

\"\"<\/a><\/p>\n

In August Blue Label Telecoms reported a flat set of results that was not well-received by the markets, largely due to the financial performance of Cell C.<\/p>\n

The group reported a marginal (1%) rise in revenue to R26.8 billion for the year ended May 2018, with operating profit declining to R1,097,549, from R1,174,890 before.<\/p>\n

Diluted headline earnings per share, also declined from 113.22 cents per share, to 107.41 cents per share.<\/p>\n

After the results were announced, the group\u2019s share price dropped 12% to reach a low of R6.80. On Friday (28 September), shares in the group remained under pressure, at R5.11 per share, down 4% on the day.<\/p>\n

The company\u2019s chief executives have said that the price performance is 100% related to Cell C, but insisted that \u201cthe punishment doesn\u2019t fit the crime\u201d.<\/p>\n

\u201cBlue Label is a strong business,\u201d\u00a0Brett Levy said at the time.<\/p>\n

Blue Label acquired 45% of Cell C in August 2017, for R5.5 billion. Levy said that the acquisition of Cell C was \u2018very deliberate\u2019 as it compliments Blue Label\u2019s core business.<\/p>\n

\u201cWe didn\u2019t buy it because we had to buy it; we didn\u2019t buy it because we felt like another asset; we bought it because of the tremendous value we think it could add.\u201d<\/p>\n

\u201cWe paid a great price for it,\u201d Levy said, adding that it was a distressed asset. This is about a strategy,\u201d he said, adding that the company is ahead in every line-item since the acquisition \u2013 less than a year ago.<\/p>\n

\u201cWe are going to be a tremendously strong number three network,\u201d he said, highlighting several key pillars the group will focus on, led by its strength in wholesale.<\/p>\n

\u201cWe will implement a very serious third network, and you will all see the results,\u201d he said, noting a time frame of between one and three years.<\/p>\n

\n

Read:\u00a0How Blue Label will try to change the market\u2019s mind about Cell C<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Blue Label Telecoms has published its annual report for 2018, showing how much its CEOs were paid.<\/p>\n","protected":false},"author":10,"featured_media":274313,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[6064,26],"class_list":["post-274299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blue-label","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/274299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=274299"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/274299\/revisions"}],"predecessor-version":[{"id":274329,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/274299\/revisions\/274329"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/274313"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=274299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=274299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=274299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}