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Trahar sells R13m in Anglo stock Posted: Fri, 13 Oct 2006 [miningmx.com] -- ANGLO American CEO Tony Trahar tops the scorecard for the bears this week with the sale of ₤882,131 (around R13.1m) worth of stock in the mining and industrial conglomerate. No doubt the cash will help a little bit to feather his nest when he retires in March next year. Though Trahar is only 58, the mining house has by tradition imposed an age restriction of 60 on its executive directors. Trahar is heading for the door slightly early, as it seems that the task he was set - divesting the group of all its "non-core" assets - has largely been done. The group has disposed of $9bn of assets over the six years since Trahar took the reins. Trahar has also done particularly well over the past two years. From January 2005, our records show that Trahar exercised Anglo options worth ₤3.5m in various of the group's schemes and sold ₤20.1m (almost R300m at current exchange rates) off the British share register and stock worth another R22.9m off the South African share register. According to Anglo's annual report, Trahar held 73,984 shares as at 21 February 2006, which means that he has around 35,000 left (worth about ₤790,000) after the latest sale. He also held options over another 235,553 shares at a weighted average option price of ₤9.22/share, which represent a profit of around ₤3.2m. Then there are another 336,141 options outstanding under his long-term incentive plan, which only vest if Anglo reaches certain targets for total shareholders' return and return on capital employed. Some of those options usually lapse, as the targets are difficult to reach.Free news alerts: click here to subscribe
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