Woolworths CEO sells R26 million in shares

Woolworths CEO Roy Bagattini sold almost 400,000 of the company’s shares, valued at R26.17 million.

Woolworths announced via SENS today that Baggattini sold 395,314 of the company’s ordinary shares in an on-market transaction on 4 October.

The company said this sale was made to rebalance his portfolio and settle some of his tax obligations arising from the vesting of Woolworths’s retention share plan (RSP).

The volume-weighted average sale price for these shares was 6,619.51 cents per share, bringing the transaction’s value to R26.17 million.

In the same announcement, Woolworths said Zaid Manjr, the company’s executive director and group finance director, had been allocated conditional ordinary shares under the company’s RSP.

Manjr accepted the allocation off-market on 4 October 2024. Subject to the achievement of certain performance conditions, the RSP allocation vests after three years.

Manjr was awarded 150,559 of the company’s shares with a value of around R10 million.

These announcements come after several Woolworths directors sold company shares worth R54.92 million at the end of September.

In a SENS announcement released on 30 September 2024, Woolworths informed shareholders that several members of its leadership team had sold some of their shares in the company.

All of these sales took place on-market on 25 September 2024. While all of the directors did not give reasons for the sales, one member, Zinzi Mgolodela, specified that her sale was made to settle tax obligations.

The smallest transaction value was R598,503.80 for the sale Mgolodela, Woolworths’ director of corporate affairs, made.

The biggest transaction reached a value of R37.83 million and was made by Samuel Ngumeni, an executive director and the CEO of Woolworths’s Food division.

Below is an overview of the sales Woolworths directors have made over the past two weeks.