A2 Milk chair reluctantly sells shares to cover tax bill

Wed, 29 Apr 2020

A2 Milk chair David Hearn reluctantly sold $37.2 million of stock in the company to meet a British tax bill he'd have to pay for exercising the five-year-old options. Hearn exercised 3.1 million options at 63 cents a piece, or $1.95 million, before they expired on June 30. Those 3.1 million shares would've been worth $61.07 million at the April 24 closing price - the day Hearn exercised the options - however as a UK tax resident, his liability came when they were exercised, rather than when they vested back in 2015. A2 said Hearn's tax...

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