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发表于 2018-9-25 17:25
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Jamie Gray
A2 Milk chief’s share sale shocks
Nzherald.co.nz/business Chilean dairy farmers make their own plans after claiming Fonterra underpays them for their milk Fund manager says Hrdlicka’s dumping of her investment comes at a sensitive time for the company
The new chief executive of a2 Milk has moved to sell all her shares in the company after only two months in the job, causing a stir in the investment community.
Jayne Hrdlicka sold 178,616 shares in a2 Milk last Tuesday, and an equal number of shares on Thursday, for a total of about A$4 million ($4.3m), according to a notice issued late on Friday to the Australian and New Zealand stock exchanges.
The shares were received by Hrdlicka, who is on a salary of A$1.5m, on the automatic exercise of rights to shares in the company.
The company said in its notice the share sales were to meet Hrdlicka’s tax obligations and to “fund commitments made by Ms Hrdlicka prior to her taking up employment with the company. Ms Hrdlicka retains a relative interest in time-based rights and performance rights,” the notice said.
A spokesman for a2 Milk said the 245,787 in performance rights, and 242,022 time-based rights, would take Hrdlicka’s holding back over her original stake upon their execution.
Devon Funds executive chairman Paul Glass said Hrdlicka’s sales came at a sensitive time for the stock.
“It’s a really interesting decision for a new CEO to dump every share she owns, excluding options, just a couple of months into the new job and at a time when there is a lot of uncertainty hanging over a2’s sales channels following the release of new Chinese regulations over e-commerce that come into effect from January 1,” Glass said. “Jayne has been exceptionally bullish on the stock since joining, particularly in meetings with institutional investors over the last few weeks.”
Last month China introduced a new e-commerce law, with implementation also coinciding with the end of the cross-boarder e-commerce (CBEC) rules.
Research from Craigs Investment Partners estimated about 33 per cent of a2 Milk’s infant formula volume flows through the CBEC channel. Craigs said potential for change in the regulation remained an uncertainty for a2 Milk and its supplier, Synlait Milk. Seeing Hrdlicka sell was “quite staggering”, Glass said. “This will raise real issues if there are problems in the sales channels due to the new Chinese regulations,” he said.
“Investors are paying over 32 times forecast earnings for this stock so it’s not one you want to see any negative surprises from,” Glass said.
This month a2 Milk’s chief financial officer Craig Loutit sold his stake down to 350,000 shares from 500,000 in order to fund the exercise price and tax obligations relating to his recent exercise of options to subscribe for shares in the company.
The Motley Fool, the influential Australia-based firm that provides stock research, also weighed in.
While Hrdlicka clearly has valid reasons for the sale of these shares, it was still “very disappointing” to see her offload all her ordinary shares so soon after joining the company at a time when its growth could be challenged due to a maturing Chinese infant formula market, it said.
The share sales by Bellamy’s Australia executives before the infant formula maker’s fall from grace a couple of years ago is no doubt still fresh in the minds of many investors, it said.
Shares in a2 Milk closed on Friday at $12.51, down from its record high in March of $14.10, but up 107 per cent over the last 12 months.
Under the terms of employment released to NZX, Hrdlicka’s salary is A$1.5m per year, reviewed annually, with a yearly bonus of up to 100 per cent of her salary based on performance against key indicators. The a2 Milk board can also increase or decrease that by 20 per cent on its own assessment of her performance.
杰米格雷
A2 Milk首席股的销售受到冲击
Nzherald.co.nz / business智利奶农在声称恒天然为他们的牛奶提供支持后制定了自己的计划基金经理说Hrdlicka倾销她的投资是在公司的敏感时刻
a2 Milk的新首席执行官在工作仅两个月后就已经开始出售她在公司的所有股份，这引起了投资界的轰动。
根据周五晚些时候发给澳大利亚和新西兰证券交易所的通知，Jayne Hrdlicka上周二卖出了178,616股a2 Milk股票，周四股票数量相等，共计约400万澳元（430万美元）。
该股票由Hrdlicka收到，该公司的薪酬为150万澳元，用于自动行使公司股份的权利。
该公司在其通知中表示，股票销售是为了满足Hrdlicka的纳税义务，并“为Hrdlicka女士在公司工作之前做出的承诺提供资金。 Hrdlicka女士保留了对基于时间的权利和表演权的相对兴趣，“通知说。
a2 Milk的一位发言人表示，245,787的表演权和242,022次基于时间的权利将使Hrdlicka在执行时控制其原始股份。
Devon Funds执行主席保罗·格拉斯表示，Hrdlicka的销售是在该股的敏感时期。
“这是一个非常有意思的决定，让一位新首席执行官抛弃她所拥有的每一股股票，不包括期权，只需几个月就可以完成新工作，而且在新的发布后，a2的销售渠道存在很多不确定因素。中国对电子商务的规定从1月1日起生效，“格拉斯说。 “自加入以来，杰恩一直非常看好该股票，特别是在过去几周与机构投资者会面时。”
上个月，中国推出了一项新的电子商务法，其实施也与跨境电子商务（CBEC）规则的终结相吻合。
Craigs Investment Partners的研究估计，a2 Milk的婴儿配方奶粉量中约有33％流经CBEC渠道。 Craigs表示，监管的变化潜力仍然是a2 Milk及其供应商Synlait Milk的不确定因素。格拉斯说，看到Hrdlicka卖得“非常惊人”。 “如果由于新的中国法规导致销售渠道出现问题，这将引发实际问题，”他说。
“投资者支付的股票预测收益超过32倍，所以不希望看到任何负面意外，”格拉斯表示。
本月a2 Milk的首席财务官Craig Loutit将其股权从500,000股减少至350,000股，以资助与他最近行使认购公司股票的期权相关的行使价和税务义务。
Motley Fool是一家有影响力的澳大利亚公司，提供股票研究，也在衡量。
虽然Hrdlicka显然有正当理由出售这些股票，但在加入公司之后很快就卸下所有普通股仍然“非常令人失望”，因为中国婴儿配方奶粉的成熟可能会对其增长构成挑战。市场，它说。
该公司表示，贝拉米的澳大利亚高管在婴儿配方奶粉制造商几年前失宠之前的股票销售无疑仍然是许多投资者心目中的新鲜事。
a2 Milk的股票周五收于12.51美元，低于3月创纪录的14.10美元，但在过去12个月上涨了107％。
根据新西兰证券交易所发布的就业条款，Hrdlicka每年的薪水为150万澳元，每年进行一次审核，根据关键指标的表现，每年的奖金高达其工资的100％。 a2 Milk Board也可以根据自己的表现评估增加或减少20％。 |
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