In a festive take-away, the chairman of online food delivery marketplace Just Eat PLC (LON:JE.) has been served up a tasty bonus after selling a tranche of shares in the group.
Just Eat said John Hughes sold 235,000 ordinary shares in the company on the open market at a price of 571.89p per share.
The shares sold were held under the JUST EAT Joint Share Ownership Plan (JSOP).
In addition, the company said 15,000 shares held under the JSOP in Jersey were transferred from joint ownership with the Employee Benefit Trust (EBT) to the sole ownership of Mr Hughes for a consideration of £0.1204 per share, the threshold determined when the JSOP awards were determined.
The beneficial interest in JSOP shares is jointly held between the relevant director and the EBT, which was established by the company prior to its IPO as part of its remuneration arrangements.
On the sale of a JSOP share, the participant is entitled to the sale proceeds in excess of the determined threshold, with the EBT entitled to the balance of the sale proceeds.
Following the transactions, Hughes directly owns 190,000 shares in the company, a 0.03% stake, and holds 1.6758 million shares, vested and unvested, under the JSOP.
Last week, Just Eat itself splashed the cash by snapping up its rivals hungryhouse and SkipTheDishes, a Canadian firm.
The FTSE 250-listed firm is shelling out an initial £200mln to buy hungryhouse - one of Just Eat’s main competitors in the UK. – from owner Delivery Hero, with a further £40mln also payable should the business hit certain performance targets.
Just Eat will also expand its international presence after agreeing to spend a further £66.1mln to buy out Canadian online food delivery group SkipTheDishes.
Like the hungryhouse deal, a further performance-related payment of £54.1mln could also be due in the future.