In afternoon trade, the Domino’s Pizza Enterprises Ltd (ASX: DMP) share price is edging higher despite some negative news.
At the time of writing, the pizza chain operatorâs shares are up 0.5% to $49.19.
Dominoâs share price higher despite insider selling
The Dominoâs share price is rising today despite the company revealing that its CEO, Dom Meij, has made a major share sale.
According to the release, Meij sold 150,000 Dominoâs shares via an on-market trade on 23 February.
The Dominoâs boss received an average of approximately $55.35 per share, which is 12.5% higher than the current share price, and represents a total consideration of $8.3 million.
It is worth noting that Mr Meij still has a considerable holding, so his interests remain firmly aligned with shareholders. Following the sales, the CEO holds a total of 1,667,969 Dominoâs shares.
Why did the Dominoâs boss sell shares?
Dominoâs has provided an explanation for the sales. It revealed that the funds from these share sales will be used to take a prudent approach to reduce Mr Meijâs personal borrowings in a period of rising interest rates.
The company also stressed that Meij is committed to the company. It highlights that he recently signed a five-year employment contract and Brisbane remains his principal place of residence.
Mr Meij also commented on the share sales. He said:
I appreciate there is no ideal time to sell any shares, but my long-term track record shows my alignment with the future of our business and interests of shareholders and franchisees. I’m looking forward to our team delivering an improved performance this Half, and on our long term goals, and I will be leading that effort.
The post The Domino’s boss just sold off $8 million worth of company shares. Here’s the lowdown appeared first on The Motley Fool Australia.
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More reading
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Motley Fool contributor James Mickleboro has positions in Domino’s Pizza Enterprises. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Domino’s Pizza Enterprises. The Motley Fool Australia has recommended Domino’s Pizza Enterprises. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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