If directors’ dealings were any guide on which sector to invest in, the past week would have seen investors piling into the industrial goods and services side of the JSE. Leaders of businesses across the sector bought into their own companies, albeit in thin volumes. Marius Swanepoel, the chief executive officer of Imperial’s logistics division in the rest of Africa, dug deep into his pockets to acquire 10,000 shares in the industrial conglomerate. At the R165/share mark, that set Swanepoel back R1.65m. Under Imperial’s deferred bonus plan in which the stock is bound, the company will match Swanepoel’s investment. The total lot will vest to him after three years. For Swanepoel (and his colleagues participating in the bonus scheme) to qualify to receive the matching stock, Imperial’s net profit would need to grow by at least 20% every year. This way the incentive performance scheme puts the management and investors in the company in the same boat. Imperial, an importer of vehicles, h...
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