What a time to do so. As long as the market’s open, the value of Guscic’s Webjet stake changes wildly by the hour. It swung 22 per cent (or $8.6 million) on Friday alone!
But Goldman Sachs, who provided the loan, has reason to be reasonable. It’s similar to one first entered into (and now expired) with rival investment bank UBS in April last year, originally affecting a mere 400,000 of Guscic’s shares. Webjet used to do a lot of business with UBS, but that changed in December when the company picked Goldman Sachs to quietly shop the former small-cap darling around to buyers. Nice of them to do some work for the MD while they’re at it.
Meanwhile, on the topic of director share notices, Transurban chief Scott Charlton sold 1.7 million stapled securities at $14.61 a pop last Tuesday to fund tax obligations. The toll road company had so far been relatively insulated from the worst of the market’s falls, but has since hit its lowest level so far this year, shedding 16.3 per cent to $10.90. Charlton made around $630,000 more selling last week than he would have on Monday.