Bortolussi sold 242,345 shares on 15 and 16 September for NZ$2.48 million, at prices of NZ$10.23 and NZ$10.25 per share.
He retains 1.52 million shares, valued at NZ$14.6 million, spread across his family trust and superannuation plan.
Li Xiao, chief executive for Greater China, sold about 127,000 shares for NZ$1.3 million; CFO David Muscat sold 58,000 shares totalling roughly NZ$580,000. Other executives involved included Amanda Hart, Ping Zhang, Edith Bailey, Eleanor Khor, Jaron McVicar, and Yohan Senaratne, selling between 14,659 and 49,740 shares each.
Bortolussi explained the sale was “to meet tax liabilities arising from the granting of long-term performance rights.” The company allows executives to sell up to 50% of vested shares to cover tax obligations.
“Rather than the executive team selling additional shares at this time, which the market could misinterpret, they may choose to progressively sell additional shares … subject to board approval and achieving the minimum shareholding within the requisite timeframe,” the company said.
a2 Milk reported record revenue of NZ$1.9 billion for the year ending June, up 13.5%, with net profit reaching NZ$202.9 million, 21.1% higher than the previous year. A special dividend of NZ$300 million was also announced.
Share prices have fallen slightly from NZ$10.70 on 29 August to NZ$10.24 on 16 September, and NZ$9.60 at the time of reporting, though they remain up nearly 64% over the past 12 months.
The company also completed the acquisition of the Pokeno processing plant from Yashili International Group for NZ$282 million and divested its stake in Mataura Valley Milk Limited. Bortolussi said the acquisition “secures an opportunity for greater market access to the attractive $23 billion China Label infant formula registered market through control of two highly sought-after product registrations.”
The sales comply with minimum executive shareholding requirements, ensuring transparency and adherence to governance standards. The board has monitored the sales to avoid market misinterpretation.