Domino’s says ‘no risk’ of triggering margin loan

Domino's boss Don Meij

Domino’s boss Don Meij

Domino’s company secretary Craig Ryan says there has been no risk of “triggering a margin loan” associated with its managing director Don Meij, after he sold 22 per cent of his shares in the company last week.

“The company reiterates that it has not bought shares under the share buy-back programme at the same times at which Mr Meij was selling shares,” Ryan said in a statement.

The pizza chain will continue its buy-back programme, depending on the company’s share price and market conditions.

Domino’s says the buy-back programme “provides a means for the company to return capital to shareholders and increase the efficiency of its balance sheet while retaining a capacity to pursue acquisitions.”

Last week, Domino’s said Meij will not be selling any more shares in the current window.

In its latest trading update, Domino’s downgraded its second-half same-store sales guidance in Australia after a slowdown in the first half, posting its weakest half-year profit in more than a decade.

The company reported a 7 per cent increase in net profit after tax (NPAT) to $62.9 million for the first-half, with Domino’s ANZ CEO Nick Knight calling sales in its biggest market “slightly softer” than expected.

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