Domino’s Don Meij was always one for credit. So in today’s high-interest rate environment, it’s no surprise he’s getting squeezed.
was always one for credit. So in today’s high-interest rate environment, it’s no surprise he’s getting squeezed.
The pizza franchisor revealed on Thursday that chief enthusiasm officer Meij had on February 23 sold 150,000 shares to keep his interest repayments at bay. “The funds from these transactions will be used to take a prudent approach to reduce Mr Meij’s personal borrowings in a period of rising interest rates,” the company noted, adding that he retained 1.7 million shares worth $84 million at Thursday’s prices.
Meij’s divestment took place the very day after the company’s half-year results, when shares slid 24 per cent after the company unveiled weaker-than-expected profits. Assuming Meij was waiting for the trading window to open so he could pay down debt, that must have hurt. margin loans against his Domino’s stock. But that was then. A quick search of the PPSR registry on Thursday didn’t reveal any against his name.
For what it’s worth, Meij’s five-bedroom house in blue blood enclave Hamilton, still mortgaged to Westpac, is also up for sale. He bought it in 2018 for $7.3 million.
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