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Bob van Dijk sells Naspers shares worth R1bn

The money realised comes from share-appreciation rights which vested in five tranches.
Bob Van Dijk, CEO of Naspers, hits the gong to signify the opening of trading for the debut of the new Prosus unit of Naspers, at the Amsterdam Stock Exchange on September 11, 2019. Image: Jasper Juinen/Bloomberg

Ka-ching! Naspers CEO Bob van Dijk just made a cool R1 billion through the sale of shares in the group.

In a regulatory filing after markets closed in the Johannesburg on Wednesday, Naspers revealed that Van Dijk — who also leads Naspers’s international Internet investment vehicle Prosus — has sold 414 932 shares in Naspers worth R995.8 million.

Read the Sens statement here

It said he plans to reinvest most of the resulting funds back into the group in the form of bonds, which he will buy in the open market.

“Van Dijk continues to exceed the CEO minimum shareholding requirement of 10 times his salary,” Naspers said.

The money realised comes from share-appreciation rights which vested in five tranches. The first tranche of about 1.4 million shares vested in September 2012; the second, of the same quantity, in September 2016.

The remaining tranches were not included in this transaction, Naspers said.

Read: Naspers takes Tencent stake out of Africa with Prosus listing

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COMMENTS   17

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Lord Almighty! 1 Billion Rand. FFS.

The only sad part of this is that a part of all that will go to SARS… for
what?????

It won’t as he is not an SA tax resident.

Naspers is way over rated as a company. The structure favours and enriches management and prejudices ordinary shareholders. They made one lucky investment in Tencent and have been living off that reputation ever since.

Folks have been telling me that for years …. since I invested in 1996

That must’ve been the reason the share price yesterday (around 15h00) moved from R2,460 to R2,440 (16h30).

Just imagine the size of CAPITAL GAINS TAX from such a sale!! (…well, it could help Eskom for a week(?) I’d say 😉

SARS, are you paying attention….?

Oops sorry, Bob is likely a Dutch tax resident….so the Netherlands “Belastingdienst” must be delighted.

…interestingly, let’s compare the CGT tax impact in such a case, from both countries:

Let’s assume half of his proceeds are in fact gains (could be realistic?)…say R500,000,000 gain

SA Revenue Service:
If Bob is a SA tax resident, his CGT tax with SARS would be ZAR90 million (factoring in annual exemption, 40% inclusion rate & 45% marginal tax bracket)

Nederlandse “Belastingdienst”:
If Bob is considered to be a Dutch tax resident, I understand CGT is deducted at a flat 25% rate: He would owe the “Belastingdienst” ZAR125 million equivalent in Euro.

Thus Netherlands has effectively higher CGT tax.

BUT…………

By Bob paying R90mil in tax to SARS, he will see VERY LITTLE benefit of his tax money in SA).

Rather pay the Dutch govt their 25% CGT tax…..as you’ll GET A LOT BACK IN RETURN via govt services!!!
Conclusion: much cheaper to be Dutch taxpayer!

No capital gains in Holland-only a wealth tax

Hi SamTTM. Google tells me there’s a 25% flat CGT tax. But also mention is made of a 30% wealth tax.

(probably still better off for Bob to pay his CGT…which IS considered a type of wealth tax…in the Netherlands, as he receives govt services in return. Here in SA we mostly don’t.)

Gans on options from employment are taxed same as salary

”What is better than presence of mind in a Railway accident? Presence of body”

Anonymous.

Awesome – and well done Bob and Naspers

What happened to all the Naspers ”shareholder activists” that used to crowd the Replies columns on Moneyweb – they have now all become ”conspicuous” by their absence!

Time to get worried? We all know what happened at Shoprite when Whitey Basson left – Shoprite tanked.

Is this an indication that Van Dijk sees a better return in Naspers bonds? or is he planning an exit strategy? Who knows!

Time to exit Naspers?

So did I! Didn’t make a billion though ….

Whitey Basson cashed in, just this week another director from Capitec Jean Pierre Verster sold his shares, now Bob..

Telling times..

Maybe a good time now to sell my share in my house to the bondholder, the bank. With the money i get, i could probably afford a 10% share in a single garage in London.The upside is that the garage is a lock up and go

Interested to know how much of his salary and wages has been used to buy shares in Naspers? Or was this all just given to him? If you take all his share options, I wonder what his hourly rate translates into? I guess the argument that you can only become rich if you start your own company and work for yourself does not hold. Why does Warren Buffet get paid an annual salary of USD100,000 versus this? Who is more productive and creates more shareholder value?

Now correct me if I am wrong, but I understand that R 1 billion is quite a small part of his wealth?

2 tranches of 1 400 000 shares each at R2 500 = R 7 billion, then there is another 3 tranches that is mentioned (although the number of shares are not mentioned)…

Clearly I am doing something wrong…Eish

End of comments.

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