Insiders pick up 5m Sagicor shares

Two Executives of Sagicor Group purchased a total of 4,979,956 shares, under the company’s Executive Long Term Incentive Scheme, on September 29, 2014, the company advised the Jamaica Stock Exchange. The purchase brings to 8,414,404 units acquired mostly by executives since June. Executives sold a total of 3,075,556 units during the same period.
The Group offers stock grants and stock options to senior executives as part of its long-term incentive plan. The Group has set aside 150,000,000 of its authorised but un-issued shares of $0.10 each for the stock grants and stock options. The lowest price option is dated March 2009 and would expire in March 2016 with an exercise price of $7.66 for 5,069,770 shares. All the rest that are vested, have an exercise price that are above the current stock price of $9.65. The exercise prices for the rest range between $10.45 for the 2010 vested amount of 4,039,454 with an expiry date of March 2017 and $14.10 for the 2012 vested amount of 1,813,036 shares, with an expiry date of 2019.
The Group also has in place a share purchase plan which enables its administrative and sales staff to purchase a pool of Sagicor Group shares at a predetermined discount rate of the closing bid price on December 31 each year. During 2013, the Staff Share Purchase Plan Trust purchased 3,417,136 shares over the Stock Exchange for a total value of $28,380,000.