Domino’s boss Don Meij unloads stock

Domino’s says long-serving CEO Don Meij has sold $15.3m worth of shares in the pizza firm to meet tax obligations.

Domino's CEO Don Meij. Picture: Annette Dew

Domino’s Pizza Enterprises says long-serving chief executive Don Meij has sold $15.375 million worth of shares in the pizza maker to meet tax obligations.

The company issued a note on Tuesday night, explaining the tax reasons behind the sale as escrowed share options granted to Mr Meij in 2015 were turned into stock.

According to the statement and the change in directors’ interest lodged with the ASX, Mr Meij has exercised 300,000 share options granted four years ago and subject to an escrow period, which expired late last month.

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The exercise price for these options was $40.95 per share, a total of $12.285 million.

At the same time Mr Meij sold an equal amount of shares - 300,000 - with an average price of $51.25 per share to raise a total of $15.375 million.

Surplus funds of $3.09 million from these twin transactions will be used to meet tax obligations, Domino’s said in a statement.

The company said following the transaction the CEO’s total shareholding remained unchanged and comprises of 1.263 million shares directly and 536,939 shares through a trustee for the Meij Family Trust. With 1.8 million shares Mr Meij remains a large shareholder in the company, with more than two per cent of issued capital.

In September, a tax bill was also cited for a share selldown. The company at that time said Mr Meij had sold $2.71 million worth of shares in the company for personal tax reasons. The sale of 43,343 shares at $47.79 each was conducted “in order for Mr Meij to meet financial obligations relating to taxation,” the company said.