Trilogy director Sigaloff sitting on $664,000 'paper profit'
Tuesday 27 September 2016 08:40 AM
Trilogy director Sigaloff sitting on $664,000 'paper profit' as share options vest
By Edwin Mitson
Sept. 27 (BusinessDesk) - Trilogy International independent director Mandy Sigaloff is sitting on a paper profit of $664,000 after she exercised share options granted prior to her appointment in 2013.
Sigaloff was granted the right to buy 200,000 ordinary shares at a price of 80 cents as part of her agreement to join the company's board. The options were authorised by the directors on Nov. 22, 2013, when shares traded at 60 cents. The options expired at the end of the month.
A notice to the NZX shows Sigaloff exercised that right on Sept. 26, paying $160,000 in cash. At the end of trading on the same day, Trilogy shares closed at $4.12, valuing Sigaloff's 200,000 shares at $824,000, delivering a paper profit of $664,000.
The company's annual report shows Sigaloff has elected to receive shares in lieu of directors fees, receiving a combined total of 136,079 shares in the 2014 and 2015 years. At current prices, her total stake in the business is now worth more than $1.3 million.
The update shows a number of different options are due to vest in the coming years, with prices varying between 60 cents and 85 cents.
Shares in Trilogy have soared since July last year, when they traded at around 90 cents, peaking at $4.92 in August. They've since fallen back, with a sharp decline in response to the company's outlook for the 2017 financial year. The increase in the share price is seen as largely being driven by its purchase of New Zealand's largest beauty distributor CS & Co.