Avusa CEO cashes in R3.69m in shares

The CEO of media group Avusa, Prakash Desai, has exercised R3.69-million worth of rolled-over share-based incentives granted in 2003 and 2004.

He did so with market speculation rife that he is due to leave the company - which owns The Times and Sunday Times - after long-running battles with majority shareholders and the unexpected resignation on Monday of the chairman and two other board members. Desai has denied the rumour.

The exercise price was R24 a share for 153948 share-based incentives.

Also yesterday, the MD of Avusa Media, Mike Robertson, sold 5000 Avusa ordinary shares to the value of R117550.

Avusa has been mired in controversy this week following the surprise resignation of chairman Dumisa Ntsebeza. He has been replaced temporarily by Mikki Xayiya from shareholder Mvelaphanda.

Director Babalwa Ngonyama also resigned, as did long-standing director Tom Wixley, who said shareholders had interfered in the responsibilities of the board. "It is their company, I acknowledge that. But once a board has been put in place it must be allowed to run the company," Wixley said at the group's AGM on Monday.

At 5.20pm yesterday Avusa shares were at R23, unchanged from the close on Tuesday.