INVICTA Holdings, the investment holding and management company, with Steven Joffe at the helm, yesterday disclosed that it had handsomely rewarded its top executives with millions of rand in share incentive rights (LBSIRs).
This follows the firm’s return to a better financial footing after reducing its overheads, and debt burden.
Chief executive Joffe scored share incentive rights valued at R 7 595 182, with 616 082 LBSIRs in respect of ordinary Invicta shares, which would vest after three years, subject to performance conditions
Craig Barnard, an executive director and commercial director at Invicta, received share incentive rights worth R2 925 556, with 237 306 LBSIRs, while executive director Gavin Pelser was granted 344 941 LBSIRs, worth R4 252 502.
Financial director and executive director Nazlee Rajmohamed got 223 315 LBSIRs valued at R2 753 072, while company secretary Lebohang Mpumlwana was granted 114 323 LBSIRs valued at R1 409 397
Invicta, valued at R3.5 billion, shares have risen 86.35 percent in a year, with its shares at R34, up 1.64 percent by 2.24pm yesterday.
In November, the company reported a strong set of results for the six months ended September 30, with its revenue from continuing operations increased by 25 percent, R3.6bn.
At the time Joffe flagged that the group was poised to focus on other growth opportunities after the disposal of its 51.19 percent stake in KAG for R437 million.
Of note, on January 1, the firm flagged that Invicta and its subsidiary, Invicta Global, in a deal with with International Holdings and Investments SA and Chen Chin Linn had agreed to buy MP Holdings for R269 396 552. KMP, a leading independent supplier of aftermarket heavy-duty diesel engine parts for industrial and agricultural machinery,
Invicta explaining the rational for the deal, said at the time, “Part of Invicta’s strategic focus is to diversify into new geographical areas in the industries and markets, in which Invicta has significant experience and strong management capabilities.”
In October, Invicta said it had paid R566m for a 78 percent stake in Dartcom Group, which distributes communications and renewable energy technology, as it diversified into areas that had been identified as growth markets. The acquisition was expected to be finalised during the first half of 2022.
BUSINESS REPORT