SHARE PURCHASE
Former Tsogo Sun boss has three months to repay R86m
Shares Marcel von Aulock holds have been on a downward trajectory for the past 12 months
Former Tsogo Sun CEO Marcel von Aulock has been given until December 2017 to repay the R86m loan he received from the company in 2014 to buy shares. Von Aulock, 42, who resigned from the group at the end of June, bought 3.3-million shares at R25.75 a piece with his share of a R200m interest-free loan given to top executives. Four other top executives shared R114m, with Jacques Booysen, who has assumed the CEO position, getting R47m of shares also priced at R25.75. The shares, which peaked at R32 in August 2016, have been on a downward trajectory for the past 12 months and are currently trading at about R22. If the share price does not recover in the next three months Von Aulock could lose more than R10m on the loan, less the dividends he received on the 3.3-million shares.Although the loan was granted on an interest-free basis Von Aulock was liable for the fringe benefits tax. The R25.75 a share was the same price Tsogo Sun paid SABMiller in 2014 to repurchase a 40% stake it had hel...
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