ANZ CEO Sells A$10.8 Million Shares To Fund Tax Bill, Repay Debt

Published August 24, 2012

Dow Jones Newswires

Australia & New Zealand Banking Group Ltd. (ANZ.AU) Chief Executive Mike Smith has sold 10.8 million Australian dollars (US$11.3 million) worth of shares to help him pay off debt and fund an upcoming tax bill.

In a notice lodged with the local exchange on Friday, ANZ said that Mr. Smith exercised 440,000 options this week at a price of A$24.74--more than 60% of the 700,000 he was granted by shareholders in 2008. The options were originally vested at an exercise price of A$14.18.

"The exercise of the share options and the sale of the resulting shares was undertaken by Mr Smith in order to fund a forthcoming income tax payment and to repay debt," according to the statement.

Write to Caroline Henshaw at caroline.henshaw@wsj.com

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Copyright ? 2012 Dow Jones Newswires

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