Village Farms (TSX: VFF) (NASDAQ: VFF) has seen CEO Michael DeGiglio sell off a portion of his performance stock grant for 2020. Filed last night with both Sedi and Sedar, the stock sale in total generated gross proceeds for DeGiglio of $7.7 million.
The disposition of shares was reportedly carried out over three days, with sales beginning on December 23 and ending December 29 on the Toronto Stock Exchange. With an average price of $14.81 per share sold, sales prices ranged from $13.40 through to $16.07, with a total of 520,000 shares being sold in all.
Shares sold represent a portion of the vested stock options currently held by DeGiglio, with 333,000 further shares being available for exercise yet. The shares were reportedly sold to cover required income tax payments in connection with the performance stock grant, as well as to “monetize a de minimus percentage of his shareholdings in Village Farms for personal reasons.”
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Following the transaction, DeGiglio maintains a 9.3 million common share position in the company along with the aforementioned vested stock options. In total, it represents 14.3% ownership in Village Farms as a whole.
Village Farms last traded at $12.82 on the TSX.
Information for this briefing was found via Sedar and Village Farms International. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
